Much of Germany’s resistance against Macron’s reform proposals is based on deep-seated German wariness of any measures that could result in debt pooling, or the streaming of German taxpayers’ money to spendthrift neighbors.
However, officials in Berlin and Paris both express confidence that they would secure a common ground before an EU summit scheduled to be held on June 28-29.
“Let me reassure you that the silent, secret, demanding work underway will allow us to reach a true Franco-German roadmap by the time of the next European summit in June,” said French Finance Minister Bruno Le Maire at the lower house of the parliament on Wednesday, adding that he expected a “sensible and ambitious compromise.”
Reuters also quoted an unnamed German government spokeswoman as saying on Wednesday that both countries “have the firm desire to find a joint way forward,” echoing Merkel’s own cooperative tone at a press conference back on Tuesday.
The French president has already proposed the creation of a post for an EU finance minister, the establishment of a joint eurozone budget, and the institution of a body tasked with overseeing bloc-wide economic policy.
Merkel will have a bumpy road ahead if she intends to reach a common position with Macron: her parliamentary majority badly suffered in the general elections last year, making a rebellion at her own party unaffordable.
France and Germany, which account for around half of the eurozone’s output, are essential to the reform drive.
This article has been adapted from its original source.
