Ahead of another "crucial" Brussels summit this October 18/19 on the future of the Union and the single currency, Berlin has announced new proposals to help the EU emerge from the crisis. "German Finance Minister Wolfgang Schäuble has a plan for a significant reform of the economic and monetary union of the EU – by reforming the EU institutions," announces the German weekly Die Zeit on its website.

Schäuble proposes to give more power to the European Commissioner for Economic and Monetary Affairs, while stripping some fiscal sovereignty away from the member states. The Commisoner would be able to veto the budget of a Member State, for example, if the deficit is too high.

Markus Sievers, writing in the Frankfurter Rundschau takes a critical view

Modifications to the European Union Treaty of this magnitude take time. Largely because of the Eurosceptic climate that exists today in many countries, it would be very difficult to get them through.

According to Sievers, Schäuble is trying primarily to divert attention from the problems the German government is running into in releasing additional funds for the rescue of Greece —

... he is tossing a sweetener to critics of the coalition [the government]. Whether this will be enough to calm them might be doubted.