Page last updated at 17:25 GMT, Wednesday, 5 December 2012

Economic and Monetary Affairs Committee

MEPs heard evidence from the finance ministers of France and Germany on the current situation in the eurozone on 3 December 2012.

Pierre Moscovici from France, and Wolfgang Schäuble from Germany were questioned on their governments' responses to the ongoing debt crisis, and newly-announced measures to increase economic governance in the eurozone.

Mr Schäuble has urged the EU's Economic Affairs Commissioner to have a stronger role in regulating national budgets to avoid excessive debts being built up.

At the October summit of EU leaders, it was agreed that a banking supervisor for the eurozone would be set up in 2013, giving the European Central Bank the power to intervene in any of the eurozone's 6,000 banks.

However, Germany wants to continue regulating its financial institutions and is unhappy with a plan eventually to hand the European Central Bank full supervisory control.

Commission president Jose Manuel Barroso recently produced a "blueprint" for further economic integration in the eurozone, including long term plans to create a single budget for the eurozone, such as more pooling of debt.


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