Daily Management Review

France and Germany want to reform the eurozone


01/19/2018


France and Germany want to achieve a common position on the reform of the Eurozone, including the convergence of taxes, capital markets and the banking union, between March and June this year, French Finance Minister Bruno Le Maire said on Thursday.



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Speaking after talks with his German counterpart in Paris, Le Maire said that the joint Franco-German position would encourage other members of the Eurozone to join this initiative.

"We have ... an urgent priority, which is to complete the formation of the banking union, to finish the unification of capital markets and the convergence of taxes with Germany," Le Maire said at a press conference with his German counterpart Peter Altmaier.

"On these three issues, our goal is to achieve a final joint position in the period from March to June," he added.

So far, Germany has raised concerns about how risks would be shared between the Eurozone countries if further progress is made in the banking union.

While the ECB, the single banking regulator is already established in the euro area, the bloc struggles to negotiate a mechanism for resolving the situation with problem banks and a joint deposit insurance system.

"To complete this element, we must reduce risks with the help of a roadmap to avoid future crises in the banking sector," Peter Altmaier said.

Le Maire said that France was prepared to solve the problems of Germany and, in particular, related to bad loans, which is particularly sensitive for Italy due to the large number of loan loans in the balances of some Italian banks.

"This is a concrete example of France's will to overcome certain technical problems that lasted for months or years, and the achievement of consensus and agreement," said Le Maire.

Both ministers will discuss integration in the euro area with their Italian and Spanish counterparts over dinner on Monday in Brussels, Le Maire said.

source: reuters.com






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