According to the EU Commission, the latest package of economic and budgetary recommendations to EU member ststaes sets priorities for 2012 and includes new measures to reinforce eurozone financial governance and stability.

Here is an intereting one, under the heading: Stronger economic governance.

"This year’s package includes 2 new proposals that build on measures taken in the wake of the financial crisis to improve economic governance and help control public debt.

One proposal would require eurozone countries to present their draft budgets at the same time each year. The Commission could then issue an opinion on them, if necessary, and ask governments to revise them in line with their eurozone obligations.

The second would enhance surveillance for eurozone countries being supported by financial assistance or that are threatened by serious financial instability"

Source: EU Cmmissioon

In effect, the Commission appears to be proposing for itself a veto power over national budgets. Question if member state can swallow that hard bite, since it would most likely mean 2 crusial things:

1. It is not up to the voterts anymore, and by extension, the governement, to have a final say about the governing economic policies, nor about the allocation of economic rights and obligations, nor about taxation.

2. It could potentially hurt the blooming business of political lobbying (i.e., potential corruption), the result of which is ofren embeded into national budgets.

That is to say, the EU Commission is proposing to "steal the show" from national politicians, leaving them with notihng that resemles the "good old glorious days" of the current political regime when they used to cut theur backroom deals and spend public money as much as they like with impunity.  will national governments and their politicans sacrifice themselves and surrender their last remaining national sovereign powers under the altar of saving the Eurozone?

More crucially, can this proposal get the European Union oout of its economic mess? or is it just another milestone in the project of European federal union?