Brussels — The EU’s latest budget proposal handed French President Emmanuel Macron a small victory on Wednesday by including a watered down version of the young leader’s idea of a eurozone budget. The European Commission, the EU’s executive arm, unveiled its massive €1.279-trillion budget for the next seven years with several innovations including cuts on farm spending and funding for countries that fail to respect democratic standards. Also included was a eurozone stabilisation fund, inspired by Macron, earmarked at a small €30bn, that would help members of the 19-country single currency maintain investment during an economic rough patch. The commission also included eurozone reform support that would amount to €25bn to encourage reforms by eurozone countries, as well as countries that want to join the euro. "As a shock-absorbing mechanism, the European Investment Stabilisation Function will complement existing instruments at national and European level," the commission said in a s...
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