In a fiscal union, these powers of intervention would have to be extensive enough to ensure that national governments lose their sovereignty over fiscal policy when deficit and borrowing limits are breached, if not beforehand. Consequently, the national parliaments would no longer have ultimate decisionmaking authority over government budgets; their decisions would be subject to approval by a central body.
4/5  BIS - Central bankers' speeches  I want the same for all of central banking, and for economics and finance as a whole. That is an important reason we are all gathered here for two days in partnership, to share, to learn, to reflect and to build on the actions we have taken to enhance equity, diversity and inclusion.