“A blueprint for a deep and genuine economic and monetary union: Launching a European Debate”

Over the next 5 years, the EU would move further in coordinating tax and employment policies. A common budget for eurozone countries would be available to help those whose economies are under pressure.

This budget could be backed by a ‘redemption’ fund to help countries reduce large public debts to sustainable levels. Countries using the funds would have to follow strict rules. The eurozone could also collectively issue eurobills – bonds to raise funds on the capital markets.

After 5 years, the EU could take the next steps to full banking, budgetary and economic union, followed by political union. These later steps would require modifications to EU treaties and increased democratic accountability.

http://ec.europa.eu/news/economy/121129_en.htm
http://ec.europa.eu/commission_2010-2014/president/news/archives/2012/11/pdf/blueprint_en.pdf