Left-wing European finance ministers are preparing to sign a new statement calling for greater political control over the European Central Bank, according to weekend reports.
A draft statement, "The New European Way - Economic Reform and the Framework of Economic European Union", would also seek a relaxation of budgetary rules to allow countries belonging to a single currency to borrow for public investment.
The statement was also expected to call for greater use of counter-cyclical spending to prevent recessions and create high employment.
It said the statement was due to be signed next Sunday by European finance ministers.
A UK Treasury spokesman said it would not speculate "on discussions that may take place at the Ecofin meeting next week". However, he added the suggestions in the UK media were "not incompatible with the general principles the Chancellor ( Mr Gordon Brown) has made in his capacity as President of the G7 Finance Ministers".
European Union finance ministers meet in Brussels on November 23 after a meeting of the Euro11 group of finance ministers from countries taking part in economic and monetary union.
