French President Emmanuel Macron gestures as he speaks during the presentation of the French government's battle plan for the country's most deprived areas, on May 22, 2018 in Paris. / AFP / POOL / LUDOVIC MARIN
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Prominent German economists opposed French President Emmanuel Macron's euro zone reform proposals Tuesday, dismissing them as risky and saying that the single currency bloc must not become a union in which liabilities were shared out.Macron wants to create a separate euro zone budget, appoint a finance minister and convert the bloc's European Stability Mechanism emergency rescue fund into a European monetary fund.Turning the ESM into a common backstop for banks would weaken incentives for banks and supervisory authorities to sort out bad loans, the economists said, adding that if the ESM became a European monetary fund under European law, it could be influenced by countries that are not part of the euro zone.
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