brussels defends eurozone overhaul despite divided eu
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Brussels defends eurozone overhaul despite divided EU

Egypt Today, egypt today

Egypt Today, egypt today Brussels defends eurozone overhaul despite divided EU

The European Commission unveiled its vision of a rebooted eurozone
Brussels - AFP

The European Commission unveiled its vision of a rebooted eurozone on Wednesday, including the creation of a European version of the IMF, but stepped back from its more ambitious ideas amid misgivings from powerful Germany.

Other ideas, such as the creation of a eurozone finance minister or a rainy day budget for eurozone member states, are officially tabled for discussion by the commission, but without a formal proposal.

The proposals follow the heavily trailed state of the union speech by European Commission head Jean-Claude Juncker in September and are intended to inspire discussion at an EU summit on the future of the euro on December 15.

"After years of crisis, it's now time to take Europe's future into our own hands," Juncker said in a statement. "There is no better time to fix the roof than when the sun is shining."

The proposals by the commission, the EU's executive, were originally billed to be the European Union's answer to the shock of Brexit, but have been reduced in scope with member states split on the direction they should take.

The commission also faced criticism that the reform timeline should be left to the national governments, which Brussels insistently rejected.

"Only the commission is able to present concrete proposals for the euro area and the union as a whole, although some would have preferred it to do nothing," EU Economic Affairs Commissioner Pierre Moscovici said at a news briefing, in a veiled reference to Germany and other naysayers. 

The proposals follow a laundry list of ideas set forth by French President Emmanuel Macron to strengthen the euro single currency, who worked under the assumption that Germany would have a pro-EU government installed to see them through.

Instead, the commission's most concrete proposals are the least controversial, including the creation of a European Monetary Fund to be built from the eurozone's existing bailout body, the European Stability Mechanism.

Leaked drafts of the other ideas on the finance minister and emergency budget were met with fierce derision in German media, which loathe any EU project that could transfer German taxpayer money to poorer member states.

 

- 'Not the end' -

 

The climbdown will be a blow to Macron who has made reforming the eurozone, including with a proper eurozone budget, one of his top priorities. 

Macron will still make his case when the EU's heads of state, minus Britain, discuss the reform plans at next week's summit in Brussels. The original plan was to follow this up with a decision-making summit in June.

The commission's proposals "are clearly not the end of the story," an EU diplomat said on condition of anonymity.

Reaction to the commission's proposals were mixed with worry that the EU was missing a golden opportunity to strengthen itself against future shocks.

"Far from going too far, the implementation dates are too late. These changes should be brought forward," said Luca Visentini, General Secretary of the European Trade Union Confederation.

Guy Verhofstadt, senior MEP from the liberal ALDE group, hit out at the silent critics of the commission's proposals.

"Commentators often complain that the EU is too slow to act - now they complain that the European Commission is acting," he said.

ING chief economist Carsten Brzeski said the proposals "go in the right direction", but are "not new and clearly not a game changer".

This was not least because of the "almost impossible mission for the European Commission to balance between many diverging national interests

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

brussels defends eurozone overhaul despite divided eu brussels defends eurozone overhaul despite divided eu



GMT 06:29 2011 Monday ,14 November

Matthew cruises to win at Ochoa Invitational

GMT 03:34 2017 Wednesday ,22 March

Tillerson to skip NATO meeting next month

GMT 13:44 2013 Friday ,15 March

Israel suppress Palestinian demonstrations

GMT 16:15 2017 Monday ,01 May

Moroccan Workers’ Syndicate

GMT 11:56 2016 Wednesday ,12 October

Toyota, Suzuki eye partnership as industry consolidates

GMT 15:42 2011 Thursday ,23 June

Express checks in with foursquare

GMT 10:49 2017 Sunday ,13 August

Car rams into crowd at violent Virginia rally

GMT 17:45 2013 Sunday ,20 October

5 Indian spices that are good for your health

GMT 08:41 2012 Saturday ,15 September

Italian magazine: will print Kate topless snaps

GMT 08:02 2012 Tuesday ,05 June

Zoe Saldana in Prabal Gurung

GMT 06:11 2012 Saturday ,15 September

Tunisia’s Media Conflict: Journalists fight for freedom

GMT 14:35 2015 Friday ,24 July

Awqaf Minister hails New Suez Canal project

GMT 16:34 2017 Thursday ,28 December

Hitler's Nazi-parade Mercedes set

GMT 11:22 2011 Monday ,10 October

Paul McCartney to play in Moscow in December

GMT 05:17 2015 Friday ,25 September

Pope expresses solidarity with Muslims after stampede

GMT 05:44 2012 Saturday ,21 April

ATV engine 95 HP

GMT 03:01 2011 Monday ,19 September

Laughter, tears at US television\'s Emmy awards

GMT 12:04 2012 Wednesday ,07 March

6 Music animation draws on 10 years of eclectic radio

GMT 01:00 2015 Sunday ,05 April

Barzani congratulates Abadi on Tikrit victory

GMT 13:24 2015 Thursday ,15 October

Tesla installs 'autopilot' update

GMT 06:17 2012 Monday ,02 January

Countries across the world celebrate the New Year

GMT 04:07 2016 Tuesday ,07 June

For new era of self-driving cars

GMT 08:21 2017 Saturday ,23 December

Saudi-Sudanese Deal to Ease Transfers

GMT 11:08 2017 Thursday ,21 December

Asian markets mostly down as tax cut euphoria wanes
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday