Economics
EU Unveils Plan to Beef Up Euro Area on Back of Stronger Economy
- EU’s executive arm presents proposals for bailout fund
- Plans will look at EU fiscal rules, finance minister
Photographer: Jasper Juinen/Bloomberg
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The European Commission unveiled its plans to strengthen the euro area, a set of reforms already raising eyebrows in EU capitals as governments seek to identify common ground on how to boost the resilience of the currency bloc.
Wednesday’s proposals come amid a broader discussion across the 19-country currency union on ways to ensure it can better withstand future financial shocks. The aim is to set out the commission’s vision for the euro, including beefing up the bloc’s bailout fund, creating a euro-area line within the EU budget and a dedicated finance minister. Next week, European Union leaders will meet to work toward a road map with the aim of reaching an agreement in June.