30th August 2015

French Economy Minister calls for eurozone fiscal transfers

In an interview for a German newspaper, the French Economy Minister Emmanuel Macron called for a re-organization of the eurozone. This message follows an earlier call for greater eurozone integration by his President Francois Hollande. Mr Macron called for a strong euro-commissioner, a eurozone parliament, and most importantly, for a big eurozone budget with a fiscal-transfer function. According to the only 37-year-old minister, the EU and the euro will fail without some form of important fiscal transfers. “The strong must help,” he said. It is no coincidence that he made this comment in a German newspaper. Germany opposes fiscal transfers and the French government is trying to change that. Mr Macron, with his liberal reforms (despite his socialist affiliation), make him more credible for the German audience. In fact, he might find an even more sympathetic ear in Germany, than at home where large parts of the population resist his policies (his boss, Prime Minister Valls had to pass some of the reforms using an extraordinary procedure in the parliament).

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Members of the American Chamber of Commerce in the Czech Republic