Taxation without EURepresentation

Do people understand that "central oversight" below means taxation without representation? In other words, the elected national parliaments won't have power over their budgets? Will eurozone citizens simply be paying a tribute to a new holy roman empire, with a Caesarina they did not elect?

"Chancellor Angela Merkel of Germany, who pressed hard for a treaty that would codify and enforce debt limits and central oversight of national budgets, said the decisions made here will result in increased credibility for the euro zone". From NYTimes: Treaty to Save Euro Takes Shape, but Britain Sits Out


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