Emmanuel Macron and Coalition Government

: In an article published in the Guardian and other European newspapers, Sigmar Gabriel, Germany social democratic leader and vice-chancellor in Angela Merkel coalition government, and Emmanuel Macron, France young reformist economics minister, advocate a radical shift in integration of the eurozone, following five years of single currency crisis that have come close to tearing the EU apart, according to The Guardian. They call for the setting up of an embryo euro area budget , a fiscal capacity over and above national budgets , and harmonised corporate taxes across the bloc. They also propose that all teenagers in the EU be given the chance to spend a subsidised six months in another European country. The eurozone would be able to borrow on the markets against its budget, which would be financed from a kind of Tobin tax on financial transactions and also from part of the revenue from the new business tax regime. Related:Europe cannot wait any longer: France and Germany must drive ahead Emmanuel Macron and Sigmar Gabriel The entire new regime would come under the authority of a new post of euro commissioner who would be answerable to eurozone MEPs who, in turn, would need to have a separate sub-chamber in the European parliament. The eurozone current bailout fund, the European Stability Mechanism, which is made up of national contributions under a deal between governments, would be made a common eurozone instrument and converted into a European Monetary Fund. (news.financializer.com). As reported in the news.