Eurozone on Verge of DEBT-POOLING: Macron Urges Spain to Back Controversial Plans

• Eurozone on Verge of DEBT-POOLING: Macron Urges Spain to Back Controversial Plans
  by DAVID DAWKINS, https://www.express.co.uk/
  PRESIDENT Emmanuel Macron has been forced to act in his effort to further integrate Eurozone finances after sending finance minister Bruno Le Maire to reaffirm Spanish commitment to French federalist reform.
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  The hasty dispatch of the Mr Macron’s finance chief to Madrid this week comes against a backdrop of suspicion over greater Eurozone integration in Italy, and harsh words from the Czech Republic.
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  While Italy looks to scrap the controversial EU-imposed Fornero law, the Czech Republic has rejected contributing to the bailout of Greece before it enters the Eurozone. However, the French and Spanish are very much pulling in the other direction.
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  Mr Macron – dubbed the “new leader of Europe” after his election victory last year – has made no secret of his plans to install a eurozone budget, a eurozone finance minister, a single deposit-guarantee fund to complete the banking union and tax harmonisation, all paving the way for the potential pooling of Eurozone debt.
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  With Spain’s economy in doubt over the ongoing crisis in Catalonia, French finance minister Bruno Le Maire was the first to visit new Spanish economy chief Roman Escolano on Thursday.
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  Top of the agenda was said to be Mr Macron’s campaign for a Eurozone budget to bolster the bloc against a future economic crises. Mr Macron is not alone. A potential Eurozone budget has been championed by head of the International Monetary Fund (IMF) Christine Lagarde who recently called on leaders to set up a “rainy day fund” as they battle “forceful” economic “headwinds”.
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  In a speech in Berlin, Ms Lagarde alluded to the need for the Eurozone to protest against the so-called “populism” as seen in Brexit and the Italian elections, and the protectionism of President Trump’s trade tariffs.
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  On the issue of a deeper fiscal integration, she promised that, “within the next six months or so there could be a meeting of minds on the general principles and timeline”.
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