The discussions on a separate budget for the eurozone could evolve into a political battle over a fundamentally economic issue. Once the banking union dossier is wrapped up, and with the debate over eurobonds deeply buried by Germany, a lighter fiscal capacity for the eurozone could emerge following the change of guard in the EU institutions.
The idea of such a separate eurozone budget was already included in the 'Blueprint for a deep and genuine Economic and Monetary Union', unveiled…