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European Commission President Jean-Claude Juncker wants the euro area to move toward creating a common treasury by 2025, according to a report endorsed by European Central Bank (ECB) President Mario Draghi and other senior officials.

National governments would keep control over specific tax and spending decisions under Juncker’s vision for the future of economic and monetary union. At the same time, “some decisions will increasingly need to be made collectively” and a common treasury may be needed, said the so-called “five presidents” report, released on Monday in Brussels.

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