The eurozone should have its own budget in place by 2021 with financial firepower to absorb economic shocks, said the French and German finance ministers on Monday.
POLITICO reports that France’s Bruno Le Maire and Germany’s Olaf Scholz expressed their hopes for a joint Franco-German proposal on the eurozone budget to their peers in Brussels during an extraordinary Eurogroup meeting of all 27 EU finance ministers.
Commissioner Pierre Moscovici said that today’s extraordinary meeting showed that there is a real determination to move towards a package of decisions to strengthen our Economic and Monetary Union at the Euro Zone Summit .
He said “we” had a good discussion today on the idea of a euro area budget, on which France and Germany have just made a joint proposal. The Commission is very much in favour of this contribution, which is much more important for the European Investment Stabilization Function. of large asymmetric shocks.”