French President Emmanuel Macron and German Chancellor Angela Merkel issued the Meseberg Declaration last week in preparation for Friday’s Euro summit. In their joint statement, the leaders laid out a series of proposals to pass during the summit. However, despite the political influence of the Franco-German alliance over the European Union, not all the proposals were welcomed by other member states.
The most controversial proposal was the creation of a Eurozone budget to “promote competitiveness, convergence, and stabilization in the Euro area.” The budget reportedly includes a “digital tax” on large technology companies of 3 percent of their revenues. Despite good intentions, if enacted, a Eurozone budget would not achieve any of its goals but would only worsen economic conditions.
Read the full op-ed in Economics 21 here.