The Eurogroup, the council of the eurozone's finance ministers, has agreed on the concept of a joint eurozone budget as part a reform aimed at bringing about economic convergence in the euro area, council President Mario Centeno said on Tuesday.
BRUSSELS (Pakistan Point News / Sputnik - 04th December, 2018) The Eurogroup, the council of the eurozone's finance ministers, has agreed on the concept of a joint eurozone budget as part a reform aimed at bringing about economic convergence in the euro area, council President Mario Centeno said on Tuesday.
On November 19, France and Germany's finance ministers presented their proposal to establish a eurozone budget by 2021. Economic problems such as the debt crises in Greece, Spain and Ireland, have been seen to be partially caused by the absence of convergence in the euro area.
"We made it. After several months of intense negotiations and a very tough and long meeting we delivered a comprehensive plan to strengthen the euro. A plan that is agreed by all of us," Centeno told reporters in Brussels.
At the insistence of Germany, the leading economy of the European Union, the eurozone budget should be a part of the EU budget, as this will ensure compliance with usual rules of budgetary control and the participation of the European Parliament in decision-making processes.
European Commissioner for Economic and Financial Affairs Pierre Moscovici, on his part, said on Tuesday that the "way forward to eurozone budget is open," though not fully.
The Eurogroup's agreement will be considered by the heads of state and government of EU member states on December 13-14 in Brussels.
