THE EU is “incomplete” and will struggle to reform unless Germany releases it’s strangle–hold on the euro zone’s economy, Emmanuel Macron has suggested.
The French president claimed the powerful German economy thrived from the “weakness” and dysfunction of others.
Mr Macron said: “I have never reproached Germany for being competitive. But a part of German competitiveness is due to the dysfunctionalities of the euro zone, and the weakness of other economies.
“Germany… has a strong economy, but it has demographic weaknesses, economic and trade imbalances with its neighbours and shared responsibilities to give the euro area the future it deserves.”
Angela Merkel is thought to be willing to allow greater integration of the diverse monetary and economic institutions in the euro zone if Mr Macron follows through on his promise to reform France.
The German Chancellor has already mentioned she would be keen to see a euro–area finance minister appointed.
However a deeper banking union would involve greater risk–sharing and ultimately the German taxpayer would be on the hook to support others.
The French president said Germany, which has a budget surplus, must be a “part of a revival in public and private investment in Europe”.
Full article: Europhile Macron admits Germany thrives on weakness of other ‘dysfunctional’ EU economies (Express)