Macron outlines EU reform plans

Macron outlines EU reform plans

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PARIS: The eurozone should have its own budget and finance minister, Emmanuel Macron has said in a major speech.

France’s president said the reform was key to ensure the stability of the single currency union and to weather economic shocks.

“The fundamental issue at stake is not a mechanism which will magically solve all our problems,” Macron said in an address on the future of Europe. “What is at stake is to reduce unemployment which affects one in five European youths.”

He added that his idea was not about “mutualising past debts” or about trying to “resolve the public finance problems of one state or another”.

Macron’s address comes just two days after elections in Germany, which saw his key pro-EU ally Angela Merkel emerge weaker.

Her CDU/CSU bloc remained the largest party in the Bundestag, but could have to go into coalition with the eurosceptic Free Democrats (FDP), which could limit the extent of her ambitions for the EU.

The leader of the FDP is fiercely critical of deeper integration of the 19 eurozone countries and hours after the election said he would put the brakes on the French leader’s plans for a eurozone budget.__EuroNews

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