ECB, EU Drawing Up Crisis ‘Master Plan,’ Welt-am-Sonntag Says

The European Central Bank and the European Union are drawing up a “master plan” for the euro area aimed at strengthening the single currency, the German newspaper Welt-am-Sonntag reported, citing unidentified EU and ECB officials.

The plan includes proposals to integrate euro members’ budget policy, create a “banking union,” a “political union” and to undertake common structural reforms, the newspaper said.

Euro-area leaders commissioned ECB President Mario Draghi and three other EU leaders at a May 23 meeting to produce the blueprint by the end of this month, the newspaper said. The group also includes EU Council President Herman Van Rompuy, EU Commission President Jose Barroso and Luxembourg’s Jean-Claude Juncker, who heads the group of euro-area finance ministers, the newspaper said.

A report on the so-called master plan will be included in the resolutions of the EU summit at the end of June, the newspaper said. The group of four will also be commissioned to create a “roadmap” for implementing proposals by the end of the year, it reported. Berlin warned against inflated expectations of the outcome, the newspaper said.

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