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| Germany and France (The Total Investment & Insurance Solutions) |
Germany and France pledged
Monday to seek ways to strengthen the 19-nation eurozone, with harmonizing
corporate taxes among the possible measures they will mull over in the coming
weeks.
German Finance Minister
Wolfgang Schaeuble and new French counterpart Bruno Le Maire said they are
setting up a panel to produce proposals for a bilateral summit in July.
"We've been talking
for years about progress in the integration of the eurozone, but things aren't
advancing quickly enough or far enough," Le Maire said. "We are
determined to get things moving faster and further, in a very concrete
way." The Total Investment & Insurance Solutions
Germany and France could
either propose a joint corporate tax system of their own or concentrate on
pushing efforts for a harmonized assessment of corporate taxes at the European
Union level, Schaeuble said. The Total Investment & Insurance Solutions
"Both are
ambitious," he conceded, noting that wider tax harmonization is difficult
because it would require consensus among EU leaders.
Le Maire said there needs
to be better coordination of economic policy. He said investment will also be
considered. He stressed France's willingness to consider deeper reforms such as
creating a finance minister for the 19-nation eurozone or a "European
monetary fund," an idea that Schaeuble has periodically backed. The Total
Investment & Insurance Solutions
He offered assurances that
"France will respect its European obligations in terms of (budget) deficit
reduction." The Total Investment & Insurance Solutions
The latest German-French
drive to strengthen the EU's economic coherence come as Britain, the bloc's No.
2 economy after Germany, prepares to leave the EU.
"We see in Brexit an
opportunity for our financial companies to be more attractive than they were
before," Le Maire said. "Our role is to create wealth for our
country, to create jobs for our country. With Brexit, there is this opportunity,
and we expect to seize this opportunity."
New French Foreign Minister
Jean-Yves Le Drian, also making his first trip to Berlin since President
Emmanuel Macron's new government was appointed last week, met separately with
his German counterpart Sigmar Gabriel. The Total Investment & Insurance
Solutions
Le Drian promised to keep
up Franco-German diplomatic efforts to resolve the conflict in eastern Ukraine
that has cost almost 10,000 deaths since fighting broke out in 2014 between
Russia-backed separatists and the government. The Total Investment &
Insurance Solutions
"France and Germany
are not Europe, but without France and Germany, Europe won't be able to move
forward," Gabriel said. "We want to use this historic window of
opportunity that opened up with the election in France."The Total
Investment & Insurance Solutions
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