German FM supports Juncker's Eurozone reform proposals

BERLIN, Dec. 6 (Xinhua) -- German Foreign Minister Sigmar Gabriel (SPD) has voiced his support on Wednesday for Eurozone reform proposals made by European Commission president Jean-Claude Juncker.

"The direction is correct," Gabriel told the magazine "SPIEGEL". "The attempt to sit out urgently-needed reforms is naive and dangerous for the European project".

The minister said that restructuring the Eurozone institutionally was not just a matter of economic data but was ultimately necessary to preserve European democracy and values.

Amongst others, the European Commission is calling for transforming the existing European Stability Mechanism (ESM) into a permanent European Monetary Fund (EWF) by 2019 and creating the office of an European Union (EU) Finance Minister.

EU heads of state are scheduled to debate the Commission's proposals next week in Brussels.

In several aspects, the plans are reminiscent of policy initiatives championed by French President Emmanuel Macron, and whether any of these can materialize hinges on Berlin's support.

Due to the failure of "Jamaica" coalition negotiations, Germany continues to be governed by the previous grand coalition between the German Social Democrats (SPD) and Christian Democratic Union (CDU)/ Christian Social Union (CSU) in the interim.

After vowing to return to the opposition benches in the wake of their electoral defeat, SPD leader Schulz has recently announced that his party would enter exploratory talks with the CDU and CSU over the formation of another federal government.

According to media reports, Macron has welcomed the development as increasing the likelihood of Berlin offering support for his reforms. The Free Democratic Party, which triggered the collapse of "Jamaica" coalition negotiations, is an outspoken critic of Macron's plans. Enditem