European authorities have unveiled their vision for the future of monetary union.
It includes the creation of a European treasury, which would have powers over national budgets.
The document, released ahead of Thursday's EU summit, says such fiscal union could lead to common debt being issued by eurozone countries.
There would also be banking union, with a single European banking regulator and a unified deposit guarantee scheme.
The document was released by European Council President Herman Van Rompuy and was drawn up with the presidents of the European Commission, the Eurogroup and the European Central Bank.
Earlier, German finance minister Wolfgang Schaeuble also called for there to be a European finance minister, with the power to veto national budgets as well as an elected president of Europe
French, German, Spanish and Italian finance ministers are meeting on Tuesday to discuss closer union.
French finance minister Pierre Moscovici has said Thursday's EU summit should, "lay the groundwork for the second phase of the euro".
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