Macron: Eurozone to have its own budget & defense budget

French President Emmanuel Macron on Tuesday reaffirmed that he wanted the eurozone to have its own budget and finance minister, adding that it was key to ensure the stability of the single currency union and to weather economic shocks. “The fundamental issue at stake is not a mechanism which will magically solve all our problems,” Macron said in a speech on the future of Europe. “What is at stake is to reduce unemployment which affects one in five European youths.” He added that his idea was not about trying to “resolve the public finance problems of one state or another.”

French President Emmanuel Macron has proposed a shared European military intervention force and a shared defense budget. In a speech Tuesday to students at the Sorbonne university in Paris, Macron said a European defense strategy must be defined by the early 2020s. He wants to open the French military to European soldiers and proposed other EU member states do the same on a voluntary basis. He also proposed the creation of a European intelligence academy to better fight against terrorism, and a shared civil protection force. Macron is proposing a European asylum agency and standard EU identity documents to better handle migration flows. He suggested the asylum agency to speed up and harmonize migration procedures, after years of EU arguing over how many migrants to take in and where.

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