EU Finance Ministers To Discuss Setting Up A Euro Zone Budget | 5/28/2015 | Staff
katz1234katz1234 (Posted by) Level 3
BRUSSELS (Reuters) – European Union finance ministers will discuss on Monday how to set up a budget for countries sharing the single euro currency to help the euro zone integrate more closely.

The starting point is an agreement by EU leaders from December, under which a euro zone budget is to be part of the broader, seven-year EU budget, with a yet to be decided exact size and features.

Convergence - Competitiveness - Countries - Share - Euro

It is to be for “convergence and competitiveness” of the 19 countries that share the euro and, on a voluntary basis, those countries that have locked their exchange rate in the Exchange Rate Mechanism II — the two-year waiting room for the euro.

Officials expect a tough discussion, because views differ widely.

France - View - Hard - Pool - Money

France, representing the most ambitious view, has been pushing hard for a large, separate pool of money for the euro zone, financed from dedicated taxes and national contributions.

Paris would like the money to be available to stabilize the euro zone economy in case of shocks as well as to boost its competitiveness and help countries converge economically.

Germany - Budget - Finance - Minister - Olaf

Germany would prefer a small budget and its finance minister, Olaf Scholz, has floated...
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