Commission: National budgets in eurozone should be peer reviewed

NATIONAL budgets should be peer reviewed by finance ministers from other eurozone countries before they are adopted by national parliaments, according to the European Commission.

This is one of a raft of measures designed to prevent future crises, such as that in Greece and are being discussed by EU finance ministers at a two-day meeting in Madrid.

They also considered arrangements for the proposed €45 billion loan from the eurozone and the IMF to Greece and said that they will agree common conditions for Athens.