Merkel plots EU’s TOTAL CONTROL: German leader launches bid for MORE Eurozone integration

Tuesday, August 29, 2017
By Paul Martin

ANGELA Merkel has revealed she is ready to push ahead with controversial plans to deepen Eurozone integration.

Tue, Aug 29, 2017

The German Chancellor today backed proposals to create a combined Eurozone “economics and finance minister” and a European Monetary Fund.

The proposed fund would replace the European Stability Mechanism (ESM), a rescue facility set up in 2012 to help defuse the eurozone crisis.

French president Emmanuel Macron and Germany’s Finance Minister Wolfgang Schaeuble had previously urged Mrs Merkel to support the idea.

Mrs Merkel, 63, hopes the plans will protect the currency union against future crises.

She said: “I think the suggestion from Wolfgang Schaeuble to turn the ESM into a European Monetary Fund is a very good idea.

“We would be able to show the world that we have all the mechanisms in our eurozone portfolio to be able to react to unexpected situations.”

The Chancellor said the proposed economics and finance minister would provide “greater coherence” in economic policy across the eurozone.

She told a press conference in Berlin: “They don’t have to be the same, but they must be similar.”

And she backed the idea of a “euro-budget” which would provide funds to countries undergoing painful economic reforms.

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