EU hopes for 'big leap' with fiscal, political union plan

EU officials have drawn up a far-reaching plan that would eventually turn the eurozone into an outright fiscal union, but acceptance by EU leaders - whose powers it reduces - will require a major leap of political faith.

The seven-page document suggest that ultimately the 17-nation single currency area will need a treasury office and a central budget.

Among the short-term changes required is the de facto handing over of budget power and economic policies to the EU level.

"U...