The Spanish Minister of Economy, Industry and Competitiveness, Luis de Guindos, and the French Minister of Economy and Finance, Bruno Le Maire, met today in Madrid to discuss matters that interest their two countries that are closely linked in the plans Economic and commercial Ministers have agreed that for the European Union to be a success, a strong euro zone is needed to ensure the stability of Europe. They have also underlined the role of the European Union in response to citizens' concerns regarding globalization.

The French and Spanish ministers have had an exchange of fruitful and convergent views on the euro zone and have reiterated their commitment to work together to take concrete steps to complete it and increase their capacity to resist shocks. France and Spain have a crucial role to play in this area.

Bruno Le Maire has underlined the "essential priority that is to convert our Monetary Union into a more integrated Economic Union and give new impetus to our common project with a fair balance between more responsibility and more solidarity."

Despite the significant reforms implemented since the crisis, the two ministers agree that the financial architecture of the euro zone must still be strengthened. The priority is to complete the Banking Union. The roadmap agreed in June 2016 defines the next stages: risk reduction measures in the banking sector, creation of a safety net for the Single Resolution Fund and establishment of a European deposit guarantee system. The Union of capital markets is also a crucial project.

Beyond that, the euro zone must be based on a fair balance between reducing and sharing risks. Confidence among member states is essential to progress in other stages of integration: the implementation of structural reforms and a reinforced cooperation of economic policies should allow to increase convergence, reduce the formation of imbalances and open the way to more ambitious initiatives.

Ministers have agreed to intensify their cooperation in order to develop a common approach to closer budgetary and political integration in the euro zone. This common approach should focus on establishing budgetary stabilization capacity, good application of budgetary rules and proper governance.

Minister De Guindos added that “the political momentum and the economic recovery that is consolidating open a window of short-term opportunity to progress in strengthening the resilience of the Economic and Monetary Union. It is in our hands not to miss that opportunity ».

The two ministers have expressed the intention to maintain their excellent cooperation on issues of common interest in order to preserve and strengthen the strong ties between their economies. They want to work with the other Member States to find a common approach to deepening the euro zone.

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