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PHOTO FILE: Mario Centeno, Portuguese Finance Minister and President of the Eurogroup, participates in a meeting of Finance Ministers of the euro area in Brussels, Belgium, on 11 February 2019. REUTERS / Francois Lenoir
LISBON (Reuters) – Eurogroup chief Mario Centeno said on Monday that a new budget instrument to promote reforms and investment in the euro area would begin with less than expected, but would become a tool crucial for the block.
Describing the tool as a "new way of integration", Mr Centeno said that the main axes of this tool would be defined by June this year and that they would then be included in the EU budget.
"We will certainly start with resources lower than some would like, but I think that over time this tool will become a central part of the euro area, making it more consistent, inclusive and attractive to the rest of the world. EU, "he said at a conference. .
The new EU budget tool will set aside funds to support reforms and convergence between economies and to support investment in countries facing temporary economic shocks.
Report by Sérgio Gonçalves and Catarina Demony; Edited by Axel Bugge
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