He is pushing for, among other things, a finance minister for the eurozone to oversee a central fiscal pot of money that could even out recessions in individual members. For example, German Chancellor Angela Merkel and her finance minister, Wolfgang Schaeuble, have pushed back against the idea of EU-wide insurance on bank deposits meant to keep bank troubles from hitting government finances. “I have made clear that I don’t have anything against the title of a European finance minister per se — we would just have to clear up, and we are not yet that far along in talks with France — what this finance minister could do,” she said in August. The countries wound up needing bailouts from the other member countries led by Germany and from the International Monetary Fund. EU governments led by Germany, the bloc’s most influential member, have already taken some significant steps since the crisis days.

Source: Washington Post September 23, 2017 23:15 UTC