August 30, 2017 / 7:30 PM / 25 days ago

Macron says wants euro zone budget worth 'several points' of bloc's GDP

FILE PHOTO - French President Emmanuel Macron addresses a speech during the annual gathering of French Ambassadors at the Elysee Palace in Paris, France, August 29, 2017. REUTERS/Yoan Valat/Pool

PARIS (Reuters) - French President Emmanuel Macron said he wanted euro zone countries to set up a budget worth “several points of the euro zone’s GDP”, which would be funded by a share of taxation currently going to national budgets.

Macron, who was elected in May on a pro-EU platform and had touted plans for a euro zone budget before, gave more details about the reform he plans to outline after the German elections, in a wide-ranging interview with Le Point magazine published on its website on Wednesday.

“The creation of such a budget would first of all mean establishing a minimum level of solidarity to eventually be able to raise money in common, invest and absorb economic shocks that could hit Europe again,” he told the paper.

“Europe’s fiscal policy is too restrictive today compared with those of China, Russia or the United States, and our jobless are paying the price,” he added.

Reporting by Michel Rose; Editing by Ingrid Melander

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