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24 May - 10:55 pm NZ
Updated at 9:06 am on 27 June 2012
European authorities have unveiled their plan to save the euro, which includes the creation of a European treasury that would have powers over national budgets.
The 10-year plan is designed to strengthen the euro zone and prevent future crises, but critics say it will not address current debt problems, the BBC reports.
The latest document, titled Towards a Genuine Economic and Monetary Union, was released by European Council President Herman Van Rompuy and was drawn up with the presidents of the European Commission, the Eurogroup and the European Central Bank.
Under the plan, a European treasury would be set up to control a central budget and keep an eye on national ones
There would be a single European banking regulator and a common scheme guaranteeing bank deposits.
Other proposals include limits on the amount of debt individual countries can take on and a power to veto annual national budgets if they are likely to mean a country exceeding its debt limits.
Copyright © 2012, Radio New Zealand
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