EC to set up European Monetary Fund

The European Commission on Wednesday unveiled plans to reform the eurozone, including the establishment of a European Monetary Fund.

"After years of crises, it's now time to take Europe's future into our own hands," European Commission President Jean-Claude Juncker said.

"Today's robust economic growth encourages us to move ahead to ensure that our Economic and Monetary Union is more united, efficient and democratic," he added.

The plan, which also builds on ideas presented by the European Parliament and French President Emmanuel Macron in his Sorbonne speech in September, includes concrete steps to be taken over the next 18 months.

The package's presentation comes ahead of the inclusive Euro Summit on Dec. 15 where European Union leaders will meet for a first discussion on the next steps to be taken.

It will be further discussed in a dedicated meeting planned on June 28-29 next year with a view to reaching concrete decisions.