STORIES

8 June, 2012

Spain Calls for New Euro Fiscal Authority – PBS

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 Spain’s New Euro Fiscal Authority

Spain urged the euro zone to set up a new fiscal authority to manage the bloc´s finances and send a clear signal to markets that the single currency project is irreversible.

Prime Minister Mariano Rajoy said the authority would also go a long way to alleviating Spain´s woes which, along with the prospect of a Greek euro exit, have threatened to derail the single currency project.

It is not the first time a European leader has proposed creating such an authority but the problems and the size of Spain – a country deemed too big to fail – have prompted EU policymakers to hurriedly consider measures such as creating a fiscal and banking union ahead of a EU summit on June 28-29.

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