Report: Spain seeks revamp of EU financial powers

Staff Writer
Columbus CEO

MADRID (AP) — A leading Spanish newspaper says the government is calling for an overhaul of the European Union's common economic policy and for the European Central Bank to play a greater role in avoiding future crises.

El Pais newspaper said Wednesday that Spain has sent European institutions an eight-page document urging greater labor mobility, increased fiscal union with a common budget for emergency situations, completion of the banking union and the future issuance of common euro bonds.

Spain, it said, believes current monetary policy is inadequate for certain members and leaves the union vulnerable to shocks.

Spain's push to give Europe more powers and a closer financial union seems to clash with the stances of Germany and Britain, among others.

No government official was immediately available for comment on the report.