There will be a euro zone budget, Germany's Scholz says

Euro zone countries will put in place a joint budget to boost economic reforms, German Finance Minister Olaf Scholz told a news conference at a meeting of euro finance ministers in Luxemburg in Thursday, calling the agreement a "breakthrough". "We will have a euro zone budget. It will be linked to financial means which the (EU) budget allows for reforms and allowing our countries to modernise," he said.

He added that the budget would be implemented gradually over the coming years, if euro zone country leaders share the political ambition to do so.