June 20, 2018 / 6:48 AM / 9 months ago

German, French ministers suggest fund to create incentives for reforms

Minister for Economic Affairs and Energy Peter Altmaier delivers a statement after the weekly cabinet meeting in Berlin, Germany June 6, 2018. REUTERS/Axel Schmidt

BERLIN (Reuters) - Germany and France’s economy ministers said on Wednesday that the European Union’s future economic success depended on more structural reforms, perhaps encouraged by a special fund, greater investment and a defending of open markets.

German Economy Minister Peter Altmaier and French Finance Minister Bruno Le Maire said in a joint paper that more incentives were needed to encourage structural reforms in the EU member states.

“It should be assessed whether the set-up of a dedicated fund to create financial incentives for the implementation of those reforms consistent with the European Semester, but which do not lend themselves to being addressed by means of structural funding ... should be considered,” they wrote.

They did not comment on the size of such a fund.

Reporting by Michelle Martin; Editing by Michael Nienaber

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