Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.

German Finance Minister wants reforms to strengthen euro zone

German Finance Minister wants reforms to strengthen euro zone
FILE PHOTO: German Finance Minister Olaf Scholz attends a press conference after the federal cabinet meeting in Potsdam, Germany November 15, 2018. REUTERS/Axel Schmidt/File Photo -
Euronews logo
Text size Aa Aa

BERLIN (Reuters) – German Finance Minister Olaf Scholz said on Wednesday he wants euro zone reforms to include changing the European Stability Mechanism bailout fund to a European Monetary Fund (EMF) to support members states when needed.

“(We want an ESM) With a bigger remit and possibilities for preparing and implementing aid programmes for euro countries which – despite good policies – have got into difficulties,” said Scholz according to the text of a speech on Europe.

He also said he wanted to promote a euro zone budget as part of the EU budget to help investment, economic convergence, competitiveness and stability in the euro zone.

(Reporting by Michelle Martin and Joseph Nasr; writing by Madeline Chambers; editing by Thomas Seythal)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.