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France, Germany drawing joint roadmap for euro zone reform, says French minister

France and Germany are making progress on drawing up a joint roadmap for euro zone reform due later this month, French Finance Minister Bruno Le Maire said .


Reuters Last Updated at 11 Jun 2018, 17:06 IST France, Germany, United Kingdom
France, Germany drawing joint roadmap for euro zone reform, says French minister
  • The French side wants a fund set up that would help countries facing an economic shock and smooth out divergences among members' economies. (Image Credit: Reuters)

France and Germany are making progress on drawing up a joint roadmap for eurozone reform due later this month, French Finance Minister Bruno Le Maire said on Monday.

French President Emmanuel Macron and German Chancellor Angela Merkel aim to present their reform proposal at a European Union summit on June 27-28, but differences remain on a eurozone investment fund and joint bank deposit insurance.

"We are on the right path. It's long and difficult, it takes a lot of time and determination ... But I think we are making progress towards reaching a Franco-German agreement on the roadmap for euro zone's future," Le Maire told a conference in Paris.

Le Maire and his German counterpart held 13 hours of talks on Saturday in their latest effort to overcome differences on how to strengthen the eurozone.

The French side wants a fund set up that would help countries facing an economic shock and smooth out divergences among members' economies.

However, the German side has been reluctant to commit to anything that could see the transfer of taxpayer funds to other countries, including in the form of the deposit insurance scheme.

Le Maire said that the two sides were days away from agreeing on joint Franco-German rules for calculating corporate tax, the least contentious issue under negotiation.

The two sides are aiming to agree with the roadmap by June 19 in order to present later to EU leaders at the June 27-28 summit.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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