Abstract
Abstract: With the election of Emmanuel Macron as president of France, the idea of a euro-area treasury and finance minister is back in the limelight. The election programme of the new French president calls for „a budget for the euro area voted by a euro-area parliament and executed by a euro-area finance minister“ with the aim to „be able to invest much more than currently“. This call is broad and needs to be filled with content. And unless there is a clearer articulation of what key issues such a project is trying to resolve, there will be little support for moves in that direction – as recent sceptical voices from Germany have already foreshadowed. I see five major issues that deserve to be discussed. None can be answered in isolation, as they are economically, politically and legally connected.
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