Leaders of the European Union have agreed to press ahead with a common eurozone budget to help the currency union weather future crises. But the proposal appeared to fall short of more sweeping ideas pushed by French President Emmanuel Macron.
Continue Reading Below
The leaders said that finance ministers would work out the precise features of the budget and agree on them by June.
Macron has pushed for a large eurozone budget that could support member states that run into economic trouble. That would help close a key vulnerability of euro monetary union, which has one currency but 19 different governments.
The leaders said in a statement Friday that the eurozone fund would be part of the overall European Union budget, suggesting it is likely to be smaller than Macron’s proposal.
