Euro Zone To Generate A Budget
The Euro Group President and Portuguese Finance Minister Mario Centeno made statements to journalists following the Euro Group Meeting held in Luxembourg by the finance ministers of 19 member states of the European Union (EU) using the Euro currency saying that the member states had agreed on all critical elements in the management and financing of the budgetary instrument of Eurozone. Mario Centeno indicated that they have comprehensively addressed all issues related to the establishment of the Euro Zone budget, which was first proposed by France and supported by Germany, and “We have made the Eurozone budget instrument a reality. We have a new basis to support the foundations of the Euro. The EU Commission will be responsible for budget implementation and administration. At the same time, the governments of the member states will play a guiding role in terms of the budget.” he said.
The budget of Eurozone, which is planned to come into force in 2021, is expected to be around 17 billion Euro in the initial phase, and aims to contribute to economic growth.