More EU integration INEVITABLE: Mercron will be forced to federal EU or eurozone will DIE
In June 2015, the European Commission published the so-called Five Presidents Report. That saw European Commission President Jean-Claude Juncker, along with European Council President Donald Tusk, Eurogroup President Jeroen Dijsselbloem, former European Parliament President Martin Schulz and European Central Bank President Mario Draghi, outline their ideas for how to further integrate the euro area.
They acknowledged the possibility of a debt mutualisation instrument – Eurobonds – and the creation of a eurozone finance minister.
Mr Gros said: ”I predict that we might have at some point somebody called initially finance minister, but with few powers over and above those of the European Commission today.”
The Commission – the EU’s executive body – oversees countries’ economic performances and has the ability to fine them if they do not comply with certain rules though such power has never been used.