European proposals to reshape the crisis-struck euro area raninto immediate criticism from Germany for putting too much emphasison debt sharing and too little on controlling national budgets.

The 10-year roadmap, released today by four officials led byEuropean Union President Herman Van Rompuy, centered on commonbanking supervision and deposit insurance and a “criteria-based andphased” move toward joint debt issuance. It also suggests that theEU could impose upper limits on annual budgets and debt levels ofnations that use the euro.

“Parts of it read like a wish list,” German Deputy ForeignMinister Michael Link told reporters in Luxembourg. The proposalslean “toward various models for mutualizing debt. What comes upshort is improved controls,” he said.