- German, French Leaders Propose Eurozone Budget
by The Associated Press, via https://www.nytimes.com/
BERLIN — The leaders of Germany and France agreed Tuesday to create a Eurozone budget they hope will boost investment and provide a safety mechanism for the 19 nations using the euro currency, and also to seek a European solution to migration issues.
The announcement from German Chancellor Angela Merkel and French President Emmanuel Macron came after a meeting in Berlin to coordinate the two major powers’ positions on the future of the European Union ahead of next week’s EU summit.
Though Merkel had been lukewarm on Macron’s idea of a European budget, in a declaration adopted by both leaders following the meeting they said they had agreed upon a proposal to establish one aimed at “competitiveness and convergence.” “It could finance new investments and come in substitution of national spending,” they said.
Merkel said the two also agreed to enhance the effectiveness of the European Stability Mechanism, or ESM, which was established in 2012 to provide eurozone nations access to financial assistance in the event of crisis.