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France and Germany have agreed to set up a common budget for the eurozone, Chancellor Angela Merkel said Tuesday, announcing a key reform proposal to bolster the bloc.
The sum will be a "real budget with annual revenues and spending," said French President Emmanuel Macron after talks with the German leader, adding that Paris and Berlin hoped to have it in place by 2021.
Macron would not be drawn into giving a figure for the budget, saying that its size would be discussed with other members of the bloc.
How it would be funded was also up for discussion with other eurozone members, said Merkel, suggesting that it could involve regular transfers made by individual countries or a tax on financial transactions.
Macron had initially sought a budget of several hundred billion euros, but Merkel in a recent interview offered far less, saying that the total should be "at the lower end of the double-digit billions of euros range."
China said on Tuesday that it has no choice but to retaliate against new US trade tariffs, raising the risk that US President Donald Trump could soon impose duties on virtually all of the Chinese goo
Oman Daily Observer
Britain’s economy will shrink if it leaves the European Union without a Brexit deal and it will suffer some damage whatever terms it agrees, the International Monetary Fund said on Monday, challengin
The Gulf Today
US President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday.
The Gulf Today
The outlook for the global refining and marketing sector over the next 12 to 18 months has been changed to positive from stable, Moody's Investors Service said Saturday in a new report.
Trade and investment ministers from G20 countries meeting in Argentina said there was an “urgent need” to improve the World Trade Organisation, a joint statement said on Friday.
With US Pre