EU Officials Unveil Plan for Closer Central Planning

Euro-zone countries should transfer oversight of their banks to a European supervisor, possibly the European Central Bank, in return for allowing the bloc's bailout fund to help insure deposits and wind down failing lenders, the European Union's top officials proposed in a report that will be debated at their summit Thursday, reports WSJ.

WSJ adds:

The seven-page report sets out ideas for the future functioning of the currency union, including forcing governments to get approval for budget deficits from other euro-zone countries and requiring them to possibly adapt their spending and tax plans, in an effort to fight off the debt crisis that has convulsed the bloc.

Helluva a plan to tie the people of the EZ into knots, but still has no mention of how the plan will result in EZ debt is going to be paid for.