Want to fix the EU crisis? Get a eurozone budget –change treaties if needed

Macron and Gabriel

Sigmar Gabriel, Germany’s vice-chancellor in Angela Merkel’s coalition government, and Emmanuel Macron, France’s economics minister, reopened a crucial debate with their call for “an embryo euro area budget” as the only way for the EU to survive.

 “This budget would have its own revenues (for instance a common financial transaction tax, as well as a small portion of a harmonised corporate tax) and would provide for borrowing on that basis,” the politicians pointed out in an op-ed published by several newspapers on June 3.

The Gabriel-Macron initiative is quite at odds with the Franco-German official proposal on eurozone reforms to be put to a Brussels summit of EU leaders later this month. Merkel and Hollande say there should be no re-opening of the EU treaties for the foreseeable future. A eurozone-level budget would require a total overhaul of the EU treaties.

 

 

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

Be the first to comment on "Want to fix the EU crisis? Get a eurozone budget –change treaties if needed"

Leave a comment