GEAB 116
To strengthen the eurozone, the European Commission has just launched the idea of creating products backed by European sovereign debt, a proposal which could be more an alternative than a precedent for the Eurobonds.
On May 31, 2017, the European Commission presented its analysis on the “deepening of the Economic and Monetary Union”[1], which had been planned for several months. Brussels, however, benefits from the euphoric moment following Emmanuel Macron’s election for the French presidency on May 7. Since his election, the latter has sought to relaunch the process of strengthening and deepening the eurozone, notably by wanting to build a common target with Germany.
On the first visit of the new French President to Berlin on 15 May[2], Angela Merkel remained very vague about what Germany was prepared to accept, but she said she wanted to create a new dynamic with France. She seemed ready to change treaties and focus on a stronger eurozone. A Franco-German working group was trained on this issue on May 22 and is expected to present some results at the Franco-German Council of Ministers planned on July 13[3]. It was therefore an excellent opportunity for the Commission to take part in this discussion, the reflection of which would be submitted to the European Council and Parliament in the near future.
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