The Netherlands may not back eurozone budget plan, Hoekstra tells the FT


The Netherlands will not contribute to the current separate eurozone budget plans drawn up by France if it does not fulfill the Dutch government’s demands, finance minister Wopke Hoekstra has told the Financial Times.

The Dutch government’s conditions include giving a veto on spending decisions to individual member states and Hoekstra has privately told the eurogroup he is ready to let the other 18 eurozone countries go ahead without the Netherlands, the FT reported.

The Netherlands has always opposed the concept of a separate eurozone budget, which conflicts with the government’s commitment to ensuring each country can stand on its own two feet. The plan is due to be finalised in June.

In particular, Hoekstra is concerned that richer countries may be continually shoring up poorer lands if the eurozone ends up with a far reaching budget.

‘This is highly sensitive and for us to subscribe to this, it should really meet our requirements and desires. Only then will it be something that we will take part in,’ Hoekstra is quoted as saying.

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