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German Finance Minister wants reforms to strengthen euro zone

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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   -   Copyright  AXEL SCHMIDT(Reuters)
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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)

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