EU Commission assesses Franco-German agreement ahead of June summit

EPA-EFE/OLIVIER HOSLET

European Commissioners Valdis Dombrovskis (L) and Pierre Moscovici (R) give a press conference in Brussels, Belgium, 20 June 2018.

EU Commission assesses Franco-German agreement ahead of June summit


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European Commission Vice-President Valdis Dombrovskis says he is cautiously optimistic about next week’s upcoming debates on Eurozone reform following an agreement between German Chancellor Angela Merkel and French President Emmanuel Macron that was first reported on June 19.

During their talks in Berlin, Merkel and Macron agreed on an EU investment fund and the transformation of the European Stability Mechanism (ESM) into the European Monetary Fund (EMF).

The EU’s Economics Commissioner Pierre Moscovici said the EU executive had tabled its own preferences on Eurozone reform, including a proposal for a new stabilisation function and a fund that would offer loans to any of the Member States that were experiencing acute or non-systemic shocks.

Talking Italy

“Italy has been one of the strongest supporters of the deepening of the European Monetary Union (EMU),” said Dombrovskis, adding that he had a brief telephone conversation with the new finance minister Giovanni Tria. “We expect Italy to contribute constructively to this debate,” he added.

As for Moscovici, he also talked about a phonecall with Tria:  “Speaking with him I felt strongly that Italy is committed to having a central role and to contributing positively to the deepening of the EMU”.

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