BIS central bankers’ speeches  5  These steps include new ways of dealing with countries that do not comply with recommendations from the European Commission. They include giving the Commission the right to inspect national budgets before they go before national parliaments – a power the US federal government does not have over the states.
And they include inserting balanced budget rules into their national constitutions or equivalent. We look forward to a full and transparent implementation of this new regime. These changes do to some extent represent a transfer of powers to the European level. But as with banking union, I do not view it as a loss of sovereignty.