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.

The ideas to be implemented by 2019 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.