The European Union moved a step closer to a new treaty giving the eurozone greater fiscal integration over the weekend after Chancellor George Osborne said a new treaty was likely in the next two years.
The new treaty would aim to strengthen fiscal integration in the eurozone area, which has been rocked by some members' crippling sovereign debt. "It's on the cards that a treaty change may be proposed," Osborne said on the sidelines of the weekend meeting of finance ministers from the Group of Seven leading economies. There is a "remorseless logic from monetary union to fiscal union and it's in Britain's interests that the eurozone is stable," he said. Osborne indicated the UK would support a new treaty - which requires ratification from all 27 EU states to take effect - but said h...
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