Brussels defends eurozone overhaul despite divided EU
European Commission President Jean-Claude Juncker
Brussels - Egypt Today
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."
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