Spain seeks revamp of EU financial powers, new ECB mandate

AP News
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Posted: May 27, 2015 12:52 PM

MADRID (AP) — Spain's 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.

The presidency issued a statement saying Spain has sent European institutions an eight-page proposal 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.

The document says Spain 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 forge closer financial ties seems to clash with the stances of Germany and Britain.

Spain was hit hard by the financial crisis and has a jobless rate of nearly 24 percent.