Juncker Calls for New European Finance Minister, Monetary Fund

In his annual State of the Union address, Juncker set out the changes he would like to see in the European Union‘s economy, including transforming the bloc‘s bailout fund into a European Monetary Fund, and the creation of a new role of an EU minister of economy and finance to oversee both reforms and financing to countries in trouble.

The new minister „should coordinate all European finance instruments and step in whenever a member state is facing recession or fundamental crisis,“ Juncker said, adding that the person would also chair the meetings of euro-area finance ministers and would be accountable to the European Parliament.