"Given the disappointing compliance so far, Greece has to accept shifting budgetary sovereignty to the European level for a certain period of time, " the Financial Times quotes the German plan as saying.

BBC: Germans want EU budget commisioner for Greece

The event would define the important role of UNESCO in providing technical and institutional support, overall strategic management of the project, following up the deliberations reached by Ministers at this conference and facilitating receipt of extra-budgetary funds to finance MAB projects at regional level, in close cooperation with the national authorities.

UNESCO: All Events | United Nations Educational, Scientific and Cultural Organization

And she thinks that the Conservative policy of devolving budgetary responsibility to individual schools could prove a model for building strong institutions at the estate level.

ECONOMIST: Tony Blair��s big idea | The

"On the contrary, if you look at the services sector, we see that the PMI continues to fall and is now at the lowest level since 2009 and this is a reflection of extremely weak domestic demand and with the budgetary austerity continuing in Europe for sure, domestic demand is going to remain negative in the near future, " he said.

BBC: Eurozone output contracts again, PMI survey says

Instead, it is the single most important budgetary variable because it affects the size of the tax base and the amount of government spending linked to the level of employment.

FORBES: The Budget Stalemate Shows The Need For Monetary Reform