EU finance ministers fail to agree on key aspects of euro zone budget
European Union finance ministers failed to agree in overnight talks on Thursday and Friday on some of the key features of a future euro zone budget and decided to continue discussions in the coming months, a euro zone official said.
The ministers wanted to reach a deal on whether the budget for the 19-country euro zone should be financed through dedicated taxes or if it should only draw on cash from the budget for the whole 28-nation European Union.
Given no consensus on the sources of financing, the size of the euro zone budget was not discussed, the official said.
Neither was there agreement on whether the budget should play a stabilising role in case the euro zone economy was in a downturn, or only help euro zone economies become more competitive and converge with each other, the official said.