Nail eurozone problems first, fix institutions later, ministers say


The eurozone must first identify its problems, then see what changes to its institutions are needed to fix them, eurozone finance ministers said on Friday during informal talks on the future of the single-currency area.

The discussions in the Estonian capital of Tallinn follow differing proposals from France, Germany and the European Commission to revamp the eurozone after Britain leaves the European Union, as is due in March 2019.

Various proposals include creating a pan-EU or a eurozone finance minister, setting up a separate eurozone budget or reserving a part of the existing EU budget for the currency union, and setting up a eurozone parliament alongside or within the existing EU parliament.

“I think we should start from the other end,” Jeroen Dijsselbloem, the chairman of eurozone finance ministers, said as he entered the ministerial talks.