The French plan for a Eurozone budget has been demoted to a €22 billion seven-year fund, which is not likely to have systemic significance.
President Emmanuel Macron campaigned on a promise of political consolidation in the Eurozone, including a plan that went hand in hand with the creation of a Eurozone Parliament, a joint Ministry of Finance, aligned corporate tax legislation, and a Eurozone budget. The plan was initially rejected and eventually downsized due to Dutch and German resistance.
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