Bailout fund could become eurozone budget authority, says ECB

Eurozone states need to give up more sovereignty in order to fix the construction flaws of the euro, with the bailout fund possibly turning into a budget authority further down the road, European Central Bank board member Joerg Asmussen has said.

"We have construction mistakes of Economic and Monetary Union and it is time to correct them. It is clear that the core of the current debate has a name: further sharing of sovereignty," Asmussen said Tuesday (17 July) at the European Policy C...