Brussels aiming for closer economic EU cooperation

BRUSSELS – The EU's cabinet says that the member countries need to increase their mutual cooperation. They should also coordinate their fiscal policies better each year by submitting their budgets for scrutiny before national parliaments debate them instead of afterwards as is currently the case. The European Commission, the EU’s cabinet, hopes to better monitor member countries which pay lip service to EU’s budget criteria. The EC also envisions levying penalties against those members who fail to control their deficits by withholding EU-subsidies. As well, the EU wants to create a debt ceiling and force transgressors to pay off debts. In addition to Greece, there are concerns over the budgetary shortfalls of Portugal, Spain and Ireland. Meanwhile, the EC's plan for action is nowhere near an endorsement from the European Parliament. Political factions who want timely action were cautioned by left-wing parties that the problems can be dealt with later and to first form consensus on policies for a socially and economically sustainable Europe.