EU reveals eurozone reform plans

EU reveals eurozone reform plans
Eurozone © Stephanie Jones CC BY-NC-SA 2.0

The European Commission has announced plans to reform the eurozone, including the creation of a monetary fund based on the existing bailout mechanism.

Contentious ideas such as the creation of a European finance minister and of a budget to support countries in trouble have been tabled for discussion.

Some members had warned that some of the plans were premature and ill-timed. Germany is still without a new government and EU leaders are focused on the Brexit negotiations.

Some countries had also raised concerns over plans that would give the commission more powers.

The proposals follow European Commission President Jean-Claude Juncker’s State of the Union speech in September, and say member states should take concrete steps in the next 18 months.

Juncker said: “Today’s robust economic growth encourages us to move ahead to ensure that our Economic and Monetary Union is more united, efficient and democratic, and that it works for all of our citizens.”

EU leaders, except the UK, are due to discuss the proposals at a summit in Brussels, Belgium, next week.

Although no immediate decisions are expected, a dedicated meeting is planned for June 2018.

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