Dutch finance chief opposes latest Franco-German push to bolster euro area

French President Emmanuel Macron overcame a key hurdle in his plan to reform the euro area earlier This particular week, however there are more obstacles from the way, including the Netherlands.

Macron had managed to get German Chancellor Angela Merkel on board to create a common budget to help reduce the economic divergences across the euro area — an agreement which’s been dubbed “historic” by some analysts, given the traditional opposition in Berlin to any increase in funding to the European Union.

However, the Dutch finance minister, Wopke Hoekstra, told reporters Thursday which he can be against the idea of a common euro zone budget.

“The question truly can be what can be the problem we might solve with (a euro zone budget),” he said. “which’s unclear to us in addition to we are not in favor.”

Earlier This particular week, France in addition to Germany presented a proposal on how to reform the euro area. This particular included the creation of a euro zone budget in 2021 which might be funded by tax resources with the aim to make the entire euro area more competitive.

While welcoming the joint commitment via France in addition to Germany to develop the euro area, Hoekstra said the Netherlands had its own proposals, which weren’t made public.

Commenting on the France-Germany paper, he said: “This particular can be a mixed bag with things we like in addition to different items where we aren’t sure what kind of problem we are solving with This particular solution.”

Euro zone finance ministers are meeting in Luxembourg on Thursday to discuss reform. The aim can be to come up with concrete proposals which European leaders will be able to approve next week at a summit in Brussels.

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