Finance Chiefs Agree on Euro-Area Budget But Skirt Funding

Bloomberg Quint | Jun 14, 2019 at 6:01 AM
  • European Union finance ministers struck a deal on the design of a common budget for the euro area but ducked a key decision that will determine how much firepower it will have.
  • The compromise means that fiscal hawks abandoned their resistance to a common spending instrument, while proponents curtailed their ambition for a tool with greater firepower.
  • Officials, however, expect it to be close to 20 billion euros ($23 billion) over that time period, far less than what proponents originally advocated for.