On Friday, 22 February, France and Germany sent the Member States a new joint proposal detailing the architecture of fiscal capacity for the euro area that will emerge after 2020 (see EUROPE 12044).
According to Paris and Berlin, this budgetary capacity should legally be based on a European Union legislative act and an intergovernmental agreement (IGA).
The recommendation for the euro area, adopted each year as part of the 'European Semester' budgetary process, would provide strategic...