Euro Zone

EU finance ministers fail to agree on euro zone budget

cde.news desk 14 June 2019, 10:11 · 1 min read

epa07645331 Pierre Moscovici, European Commissioner for Economic and Financial Affairs and Taxation, and Greek Finance Minister Euclid Tsakalotos (R) at the start of the Eurogroup meeting in Luxembourg, 13 June 2019. The Eurogroup will discuss inequality in the eurozone, based on the European Commission's analysis and will present the outcome of the IMF's Article IV consultations with the euro area. EPA-EFE/JULIEN WARNAND

European Union finance ministers failed to agree in overnight talks on some of the key features of a future euro zone budget and decided to continue discussions in the coming months.

Reuters reports that the ministers wanted to reach a deal on whether the budget for the 19-country euro zone should be financed through dedicated taxes or if it should only draw on cash from the budget for the whole 28-nation European Union.

Given no consensus on the sources of financing, the size of the euro zone budget was not discussed Reuters added.

Neither was there agreement on whether the budget should play a stabilising role in case the euro zone economy was in a downturn, or only help euro zone economies become more competitive and converge with each other, the official said.

Via Reuters

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EU finance ministers fail to agree on euro zone budget

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