EU Ministers Split Over Eurozone Budget Financing

EU finance ministers agreed small steps towards creating a eurozone budget after marathon talks failed to settle a longstanding Franco-Dutch dispute over how it should be funded, the Financial Times reported. After almost 12 hours of sometimes fraught negotiations in Luxembourg that ran into the early hours of Friday, ministers were only able to agree the broad purpose of the budget, while putting to one side questions over its financing and eventual size. During the talks, Spain made the strongest interventions in favour of the budget, with France trying to play a more conciliatory role. The Dutch at some points threatened to walk out without a deal, according to officials present. Pierre Moscovici, EU economic affairs commissioner, described the partial deal as “the best landing zone possible” given “how far apart” some ministers were at the start of the discussion. Read more