Ministers make progress on eurozone budget, key issues unresolved

Luxembourg - Eurozone finance ministers have made progress on establishing a budget tool for the 19-member currency bloc during a marathon meeting in Luxembourg, sources familiar with the talks told dpa early Friday.

However several important issues remained unresolved, including how the budget would be financed.
French Finance Minister Bruno Le Maire called the results of the meeting a "breakthrough."
"We have also created the eurozone budget and agreed on the key elements of its structure and its governance," Le Maire said in a statement.
"We have agreed how it should work, and what its key priorities will be. For the first time, we will start to think as a coherent block about the future and coordinate our economic policies," he continued.
"We still have a long way to go - in particular on how we finance the new budget - and I don’t underestimate the challenges ahead."
The idea of a eurozone budget has been around for several years, as a means of protecting the currency area against future economic downturns.
French President Emmanuel Macron initially pitched a stand-alone multi-billion-euro crisis fund, which was later whittled down to a more modest Franco-German proposal for a budget to support reforms and economic convergence.

Friday, June 14th 2019

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