It would imply both a bigger role for the centre and more intrusive monitoring of euro members' budgets.

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During earlier inspections in the mid-1990s, trust had broken down badly in the council when first Russia and China, then France, tiring of mounting Iraqi intransigence, argued for a switch to less intrusive monitoring and an easing of sanctions so that trade could resume.

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But future technologies are pointing in an even more exhaustive, and some would say intrusive, self-monitoring direction.

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The European Commission this week offered some ideas, from more intrusive and early collective monitoring of national budgets to an incentive system where profligacy is punished by withholding EU funds.

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