February 7, 2018 / 11:40 AM / a year ago

Germany wants to develop ESM into EU monetary fund - coalition blueprint

BERLIN, Feb 7 (Reuters) - Chancellor Angela Merkel’s conservatives and the Social Democrats (SPD) want to develop the euro zone’s bailout fund into a full-blown European Monetary Fund, a blueprint of their coalition agreement seen by Reuters showed on Wednesday.

The two parties also said they support budgetary means to shield the euro zone from crises and are in favour of structural reforms championed by French President Emmanuel Macron.

“We want a (European Union) budget for future spending geared toward bringing more benefits for Europe,” the two parties wrote in the 177-page blueprint.

“Overhauling the EU can only work if Germany and France work together with full force,” they added.

Reporting by Michael Nienaber; Writing by Joseph Nasr; Editing by Michelle Martin

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