Bonds News

More work needed on euro zone budget, Eurogroup head Centeno says

LUXEMBOURG, June 14 (Reuters) - Euro zone finance ministers made some progress on Friday on the establishment of a budget for the 19-country currency area, but have not yet agreed on the size and the funding of the new financial instrument, an EU top official said.

Mario Centeno, who chairs the Eurogroup of the bloc’s finance ministers, said ministers took some “small steps” in a meeting which started on Thursday and ended in the early hours of Friday.

The main features of the possible new fund remained unclear, however, as ministers failed to agree how to finance the budget. A decision on the size of the fund is expected to be made by EU leaders later in the year, Centeno told a news conference after the meeting in Luxembourg. (Reporting by Jan Strupczewski and Francesco Guarascio; Editing by Catherine Evans)