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EU unveils its vision for the future of monetary union

27 June 2012 Last updated at 02:40 BST

European authorities have unveiled their vision for the future, which gives them much greater powers.

It includes the creation of a European treasury, which would have powers over the national budgets of eurozone countries.

European Commission President Jose Manuel Barroso said it was "a defining moment for European integration".

Alpa Patel reports.