Germany and France Announced Plans for New Eurozone Budget

The total budget of EU 19 member states may be put in place by 2021 for the first time. Its budget volume still needs to be worked out. After lengthy negotiations, Germany and France agreed to submit to the eurozone countries a proposal for a EU budget. Its goal is to finance projects aimed at leveling the economic development and resisting crises in 19 countries using euro, says a joint statement by the finance ministers of Germany and France, Olaf Scholz and Bruno Le Maire, on Friday, November 16. A budget agreement can be reached at a meeting of eurozone finance ministers on November 19. President Macron’s initiative Eurozone budget is the idea of ​​French President Emmanuel Macron. It may be first put in place in 2021. Eurozone countries have yet to agree on the size of the budget. This summer Bruno Le Maire called 20 to 25 billion euros a “good starting point”, which is 0.2 percent of GDP in the entire eurozone. The eurozone budget will be an integral part of the overall EU budget, the German side insisted on it. This should ensure that it complies with the policies and budget rules of the European Union. Source: DW