Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
MADRID (AP) — Spain's government is calling for an overhaul of the European Union's common economic policy and for the European Central Bank to play a greater role in avoiding future crises.
The presidency issued a statement saying Spain has sent European institutions an eight-page proposal urging greater labor mobility, increased fiscal union with a common budget for emergency situations, completion of the banking union and the future issuance of common euro bonds.
The document says Spain believes current monetary policy is inadequate for certain members and leaves the union vulnerable to shocks.
Spain's push to give Europe more powers and forge closer financial ties seems to clash with the stances of Germany and Britain.
Spain was hit hard by the financial crisis and has a jobless rate of nearly 24 percent.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.