EC issues proposals on Eurozone reform

The European Commission (EC) proposed on Wednesday a vision on Eurozone reform, including establishing a European version of the International Monetary Fund (IMF).

The Commission proposed forming its own monetary fund to support investment and replace the IMF in all financial support activities in the Eurozone. The European Monetary Fund would be based on the European Stability Mechanism, the Eurozone's current aid agency. The EC also proposed appointing a European Minister of Economy and Finance. These proposals aim to promote solidarity in a single market with a common currency in the context of increasing anti-EU sentiment across Europe and the UK leaving the EU in 2019.

EU leaders will hold a meeting on December 15 to discuss the proposals.

Source: VOV5