June 13, 2019 / 11:52 AM / 2 months ago

Euro zone close to agreeing on euro zone budget, financial transaction tax: Scholz

FILE PHOTO: Finance Minister Olaf Scholz addresses a news conference to present the results of the latest tax revenue estimate in Berlin, Germany, May 9, 2019. REUTERS/Fabrizio Bensc

LUXEMBOURG (Reuters) - German Finance Minister Olaf Scholz said on Thursday that euro zone finance ministers meeting in Luxembourg were close to reaching an agreement on a euro zone budget and a financial transaction tax.

The 28 countries that form the European Union have a shared EU budget but euro zone countries also want a separate budget for their group to serve as a fiscal tool to intervene in the euro zone economy alongside the single monetary policy of the European Central Bank.

Reporting by Peter Maushagen; Writing by Michelle Martin; Editing by Tassilo Hummel

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