This brings me to a second possible interpretation of fiscal union, which refers to a transfer of fiscal governance from the national to the European level, in the form of enforceable control of national budgets. I would argue that such a transfer of governance would not amount to a loss of sovereignty but to recovering sovereignty. Let me explain.
In this context, the robust investment framework along the lines of the “5+1” hub concept, has now opened out new ventures in promoting maritime, aviation, energy, knowledge and commercial sectors, while tourism is emerging as a further thrust industry with great promise.