Northern EU states cautious over eurozone reform

Eight northern EU countries have expressed their concern, on Tuesday, in reference to the ambitious plans to reform the euro area, advanced by French President Emmanuel Macron, informs AFP and Reuters.

In a joint press release, The Netherlands, Estonia, Lithuania, Latvia, Finland, Ireland, Denmark and Sweden - the last two non-eurozone countries, advocate that reforms should be limited to the completion of the banking union, the setting-up of the European Monetary Fund and to the compliance with the budgetary rules, and that more "ambitious" reforms should be delayed for later.

The eight northern states oppose in particular the proposals of the President of France, which envisage a common euro area budget and a joint Finance Ministry.

"Stronger performance of national structures and fiscal policies in line with common rules should have priority over far-reaching proposals," reads the document signed by the eight states.

The Nordic Group emphasizes that integration plans should focus on areas where Member States are already close to a compromise, such as the completion of the banking union.

"There are some reforms that are "good to have", like a joint Finance Ministry, but they do not solve the real problems. These will only be solved by pragmatic measures. We should not implement quasi-reforms but be honest and identify reforms that really solve the problems we are facing", Finnish Finance Minister, Petteri Orpo, said.

Source:RRA.Translated by Miruna Matei