The Hill News

AFP reports: The European Union demanded Wednesday sweeping powers to override national budgets and proposed issuing joint eurozone bonds to help resolve and prevent a repeat of the debt crisis.

"Without stronger governance, it will be difficult if not impossible to sustain the common currency," EU Commission chief Jose Manuel Barroso said of his latest legislative proposals.

The head of the executive EU arm, Barroso presented radical plans that would allow him and Economy Commissioner Olli Rehn to decide to intervene in national policymaking, the article reports.

It is time for Greece, Italy and Portugal to think twice about the EU. It was all the fever ten, twenty years ago when the economic cycle was rising to its peak and Bill Clinton â€" he of the 50 gold watches - was just rising to status of world shaman. It was a giddy time; the Dalai Lama charmed the world and Bono was writing op-eds for the New York Times. Every individual, all people in the! global village would be as George Soros saw in the rising karma, a kind of American; an American by degree.

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