Germany, France agree proposals for euro zone budget: German media

BERLIN (Reuters) – Germany and France have agreed a proposal for a common euro zone budget to be used to reward countries that successfully implement economic reforms and to finance strategic investments, German media reported on Tuesday.

Handelsblatt newspaper reported that a joint French-German paper proposed that the euro zone budget should be part of the European Union’s overall budget, but that the 19 members of the common currency area should pay into the joint euro zone budget in addition to their current contributions to the EU’s.

The Frankfurter Allgemeine newspaper said that a working paper prepared for a Tuesday evening meeting between the German and French finance ministers envisaged the budget being used “to help weak member states with a need to reform.”

Other euro zone members would need to back the proposals before they became reality.

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