November 28, 2018 / 10:26 AM / 6 months ago

German Fin Min wants reforms to strengthen euro zone

BERLIN, Nov 28 (Reuters) - German Finance Minister Olaf Scholz said on Wednesday he wants euro zone reforms to include changing the European Stability Mechanism bailout fund to a European Monetary Fund (EMF) to support members states when needed.

“(We want an ESM) With a bigger remit and possibilities for preparing and implementing aid programmes for euro countries which - despite good policies - have got into difficulties,” said Scholz according to the text of a speech on Europe.

He also said he wanted to promote a euro zone budget as part of the EU budget to help investment, economic convergence, competitiveness and stability in the euro zone.

Reporting by Michelle Martin and Joseph Nasr; writing by Madeline Chambers; editing by Thomas Seythal

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