29 Oct 2012

Budget commissioner backed by ECB president

11:07 am on 29 October 2012

European Central Bank president Mario Draghi has backed German calls for a European commissioner to oversee national government budgets.

German Finance Minister Wolfgang Schaeuble wants the commissioner to be given the power to veto national budgets.

Plans to impose strict limits on budget deficits have already been agreed by 25 of the 27 members of the European Union.

Only Britain and the Czech Republic do not agree with the new rules.

The BBC reports the commissioner would have the same power to make legally binding decisions against individual national governments that is currently held only by the EU Competition Commissioner.