France Supports Germany in Eurozone Reforming Plans

Forex News

France supports Germany in its desire to reform the Eurozone financial system, amid growing risks from the United States and China. French Finance Minister Bruno Le Maire said that there is a long way to go in order to reach agreement with Germany on reforms in the euro area, but the Eurozone needs a common budget. France and Germany promised to present a joint proposal for reform at the European Union summit on June 27-28.

German Finance Minister Olaf Scholz said he agrees with French President Emmanuel Macron that immediate steps are necessary to move Europe forward and expressed optimism about reaching an agreement with France to strengthen the rescue fund of the ESM in the Eurozone.

Scholz added that he expects to implement an agreement on a single resolution fund until 2024, if by then the problem of non-performing loans in European banks could be resolved.