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8 December, 2017 00:00 00 AM
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Brussels defends eurozone overhaul despite divided EU

AFP

AFP, BRUSSELS: The European Commission unveiled its vision of a rebooted eurozone on Wednesday, including the creation of a European version of the IMF, but stepped back from its more ambitious ideas amid misgivings from powerful Germany. Other ideas, such as the creation of a eurozone finance minister or a rainy day budget for eurozone member states, are officially tabled for discussion by the commission, but without a formal proposal.

The proposals follow the heavily trailed state of the union speech by European Commission head Jean-Claude Juncker in September and are intended to inspire discussion at an EU summit on the future of the euro on December 15.

“After years of crisis, it’s now time to take Europe’s future into our own hands,” Juncker said in a statement. “There is no better time to fix the roof than when the sun is shining.”

The proposals by the commission, the EU’s executive, were originally billed to be the European Union’s answer to the shock of Brexit, but have been reduced in scope with member states split on the direction they should take.

The commission also faced criticism that the reform timeline should be left to the national governments, which Brussels insistently rejected.

“Only the commission is able to present concrete proposals for the euro area and the union as a whole, although some would have preferred it to do nothing,” EU Economic Affairs Commissioner Pierre Moscovici said at a news briefing, in a veiled reference to Germany and other naysayers.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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