Brussels maps out more unified euro zone

BRUSSELS: Encouraged by the victory of French President Emmanuel Macron, the EU on Wednesday unveiled a raft of controversial ideas for improving the often dysfunctional European single currency.

The so-called reflection paper from the European Commission maps out proposals, including the partial bundling of sovereign debt from across the euro zone, that will face suspicion in Germany, the bloc’s most powerful member.

Berlin has historically snubbed French-influenced ideas for reform of the euro zone and further integration, but the Brexit vote last year and the rise of Trump-style populism has given the idea of more Europe new momentum.

“The status quo is not an option,” said EU Economy Commissioner Pierre Moscovici at a news briefing announcing the paper.

“It is clear...that we must move forward,” the former French finance minister said.

The commission announcement amid between Germany and made the a spat the Trump administration, with Chancellor Angela Merkel urging Europe to “take our destiny in our own hands”.

The euro is a “promise of prosperity”, said European Commission VicePresident Valdis Dombrovskis.

“To keep that promise...we need the political courage to work on strengthening and completing Europe’s economic and monetary union now,” the former Latvian prime minister said.

One big idea floated by the commission is to introduce a permanent president of the Eurogroup, the grouping of euro zone finance ministers that decides common policy for the currency area.