EU leaders agree on Eurozone budget plan

Leaders of the European Union yesterday agreed to press ahead with a common Eurozone budget to help the currency union weather future crises, but the proposal appeared to fall short of more sweeping ideas pushed by French President Emmanuel Macron.

After a “controversial discussion” at an EU summit, leaders agreed on reform measures that “includes a budget for the Eurozone,” German Chancellor Angela Merkel said after 27 EU leaders, not including Britain, discussed the measure.

“This comprehensive package paves the way for a significant strengthening of the European Monetary Union,” a statement from the leaders said.

The proposals are meant to strengthen the financial plumbing of the European economy, but ignore far grander visions such as designating a Eurozone finance minister or setting up a European version of the International Monetary Fund.

The new budget scheme has no hard figure attached and will be linked to the seven-year overall EU budget that will be negotiated by the 27-member states over the next year.