Europolitics reports that the Spanish EU Presidency is due to submit a proposal for the creation of a European Public Prosecutor (EPP) in April to "investigate fraud and speculation against the euro". Under the Lisbon Treaty, the office can be established by a unanimous vote, after approval by the European Parliament, or if that fails, a group of at least nine member states may proceed under so-called 'enhanced cooperation'.

Conde Pumpido, Spain's Inspector-General of Finances, said "The single currency needs a specific institution that protects the application of criminal law against fraud and speculation." The Spanish Presidency's website notes that although it "would initially investigate fraud and speculation against the euro; it could also investigate and initiate criminal proceedings against cross-border crimes such as people trafficking, drug trafficking or terrorism."

When the Lisbon Treaty was being negotiated, the UK was strongly opposed to the creation of an EPP, even if the Government was granted a veto. At the time, Peter Hain wrote on behalf of the Government that, "We are firmly opposed to establishing a European Public Prosecutor. Unanimity does not mean that this article can be accepted...There is clearly no need for a separate prosecution body at EU level."

If the UK opts out of the EPP, it would mean it would not have the jurisdiction to launch investigations in the UK but could still prosecute UK citizens in any of the member states that go ahead with the EPP. In 2007, Professor Jo Shaw from Edinburgh University confirmed to a House of Lords Committee that the European Arrest Warrant could be used to force UK citizens to face prosecution by the EPP in another member state.
Europolitics Spanish EU Presidency House of Lords: Shaw evidence Open Europe research

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