Wrangling over eurozone reform kicks off with Juncker proposals

The European Union is due to outline proposals to strengthen the eurozone, a set of reforms already raising eyebrows in EU capitals as governments struggle to identify common ground on how to boost the resilience of the currency bloc.

European Commission President Jean-Claude Juncker will present the plans in Brussels on Wednesday, the EU executive arm’s contribution to a broader discussion across the 19-country currency union on ways to ensure it can better withstand future financial shocks. The aim is to stake out proposals including for a eurozone budget line, a dedicated finance minister and an overhaul for the region’s bailout fund before next week’s summit of European leaders tasked with drawing a road map toward reaching an agreement in June.

Helped by a growing economy and a string of election defeats for euro-sceptic populists, the EU and its 19-country currency area have been enjoying their strongest momentum since the financial crisis. That’s created a unique window of opportunity European officials want to use to pursue reforms and deepen the ties between eurozone economies.