Eurozone: Merkel and Hollande devise a plan for the future of the eurozone

The two leaders are expected to unveil a joint proposal on the future of the eurozone by the end of 2016, once they have set aside their own differences over how to pursue integration. EurActiv France reports.

For Germany's Minister of Finance Wolfgang Schäuble, the situation is clear: whatever differences may exist, progress is vital. "Europe is currently facing major challenges. It is our shared responsibility to move Europe forward," he said.

Known as a strong advocate of tight monetary and fiscal policy, the minister spoke at the 48th French-German Economic and Financial Council, a biannual discussion forum held between the two countries.

"François Hollande and Angela Merkel will make a joint proposal on the integration of the Economic and Monetary Union by the end of the year," said Michel Sapin, the French minister of finance.

This proposal is likely to be a compromise between Hollande 's desire to create a real eurozone budget, along with a separate eurozone parliament, and Merkel's more cautious position.

Read more: Merkel and Hollande devise a plan for the future of the eurozone | EurActiv