German Chancellor Angela Merkel is in favor of a radical reform of the European monetary union, German newspaper die Zeit reported.
According to a secret Franco-German plan that was available to the newspaper, EU member states of the eurozone should seek to strengthen the integration of their policies.
The proposed changes include organization of more regular summits of the eurozone countries and improvement of capacities of the euro group finance ministers, including strengthening the role of its president and his resources.
The program is expected to "be obligatory" for the member states of the eurozone and countries which are preparing for the introduction of the single currency.
Thus, the states will practically submit to stricter control, but at the same time abandon new austerity measures which usually are unpopular among EU member states’ citizens.
