German finance minister Wolfgang Schäuble gave an illuminating interview with Der Speigel on the future plans for the EU. He explains that the euro was a stepping stone to a political union along the lines of the USA, just simply waiting for the right crisis, which many economists said was always going to happen. 

The following are the main points from the interview:

    • Political union along the lines of the United States where each state has a number of representatives.
    • Directly elected President, but unelected Government (president gets to pick).
    • There is to be a full fiscal union with eurobonds. (Nation states giving up jurisdiction of Fiscal policy)
    • Finance Minister responsible for vetoing and approving member states budgets.
    • Bank Union with a European Supervisiory Authority over the banks.
    • A referendum will be needed to decide this.
    • Plans for the proposal to be presented at the EU summit this week.
    • It will happen very quickly, maybe in less the 6 months.

For the full interview check out on Der Speigel.