Ministers will discuss a crisis fund
European countries share a currency and a central bank. The next steps will be to share budgets.
On the agenda Friday is something they're calling a 'fiscal capacity', which is surely a phrase chosen for its banality. What it means is that governments will contribute to a crisis fund, that will surely morph and grow into something more.
Slovakia holds the EU Presidency and touts a joint fund as something that would decrease the pressure on the ECB.
"The existence of a fiscal capacity would ... decrease the pressure on the central bank to engage in non-conventional monetary policy," the Slovak presidency paper said
Access to the fund could also be linked to implementing structural reforms recommended annually to each country by the European Commission and EU finance ministers, the paper said.
This is yet-another step in the backdoor attempt at a United States of Europe.
