Schäuble operates separate parliament for euro zone

rome - German Minister Wolfgang Schäuble (Finance) has called for a separate parliament for countries using the euro as a means of payment. That should lead to further integration of the euro zone, the governor said in a Thursday published interview with the Italian newspaper La Repubblica.

'We could call for a eurozone parliament composed of members of the European Parliament,' said the minister. 'They would then have advisory powers with regard to the European Stability Mechanism. 'This emergency fund is intended to help eurozone countries with major financial problems.

Schäuble suggested discussing the idea with the upcoming French president Emanuel Macron, who himself also had the necessary thoughts on modernizing the European Union. The French politician wants, among other things, a European Minister of Finance and a separate budget for the euro area.

The German Finance Minister sees little prospect for Macron's ambitious plans. Schäuble called the proposals 'unrealistic' because it is unlikely that all the Member States will agree with the necessary adjustments to European treaties.