It was a concern, especially a French heart, the left the negotiations of the Eurogroup on a “deepening” of the monetary Union in the past week, until the next Morning. The French Finance Minister Bruno Le Maire urged his counterpart with all the Power of a clear commitment to an extra budget for the Euro area. Just as vehemently, the Dutch Finance Minister Wopke Hoekstra is not refused on the grounds that he did not know still, what purpose should have such a Euro budget.

it has contributed to The compromise formula, to which the Minister agreed in the end and to come to their state, especially the Federal Finance Minister, Olaf Scholz (SPD), contains everything and nothing. It refers to the Berlin and Paris have jointly proposed “architecture” for a Euro zone budget.

This does not contain much more than the statement that the Budget should be part of the EU budget and within the medium-term financial framework in 2021 to 2027 negotiated – which means that not only the Euro States, but all of the (soon 27) member States and the European Parliament also sitting at the table. A large Euro budget makes that less likely.

Macrons investment budget

But after all, the heads of state and government are expected to work on your Euro summit this Friday, “a financial instrument of the Euro area”, as formulated by EU Council President Donald Tusk. The purpose of this “instrument” may, however, exist only in the “convergence” and “competitiveness”. Hoekstra has wegverhandelt a “stability function” from the final communiqué of the Euro group. This means that the various economic stimulus will not be followed policy options (Scholz proposal for a European unemployment insurance included) for the time being.

the high-driving plans, Emmanuel Macrons is the Eurozone so far. The French President, called originally for a Euro budget of several hundred billion euros – for “investment”. Specifically, the proposal was never. That Macrons proposal should run on the promotion of private investment was never quite plausible, because there are, for example, the European investment Bank.

this is Why the advance was only as the Transfer of state intervention policy of the French to the Euro level to understand. The enthusiasm about Macrons idea not only in Berlin, but also in many other EU capitals was held in the borders, has its reason not only in the question of how such a giant will be funded in the budget. Another reason is that planifikatorische economic policy à la française consensus in the Euro area is really capable of.