The report, prepared by Germany, Austria, Belgium, Spain, France, Holland, Italy, Luxembourg, Poland and Portugal has been sent to the European Commission, the BCE, the Eurogroup and the European Council. According to the document, EU countries should cede some of the national sovereignty in exchange for greater aid in crisis situations.
The concessions would include giving EU institutions the power to supervise the national financial and budget policies, as well as ceding some autonomy to decide on economic policies related with the sustainability of the Eurozone's economic and employment growth.
In return, mechanisms of European solidarity would be improved, including with time the issue of Eurobonds. The document also specifies that in the medium term the European Stability Mechanism should move on to become a European Monetary Fund.