Emmanuel Macron and Angela Merkel meet to come up with eurozone reform plans

Angela Merkel and Emmanuel Macron have met for talks about the future of the eurozone as the leaders of the bloc’s two biggest economies try to hash out a common position on reform.

The French president called for “convergence” between countries in the monetary union, having said earlier this week that he would be happy for France to pay more in the EU budget.

The German chancellor has meanwhile called for “compromise” – under pressure at home not to commit Germany to anything too expensive, particularly from her own party’s right wing.

“We need an open debate and at the end the ability to compromise,” Ms Merkel said, adding that the 19-member bloc was “not yet sufficiently crisis-proof”.

“We each bring some different facets but I think the sum of our proposals will make for a good result in the end,” she added.

But speaking alongside his political partner at a press conference in Berlin, Mr Macron said there was a “unique” opportunity to reform now.

“No monetary union can exist without elements of convergence. The most important thing is not to react on such and such instrument at this stage, but to be sure that we share the same goals and to have a joint political objective,” he said.

“You will notice we don’t lack work to do, and we don’t lack the will either.”

The two leaders both agree that the eurozone needs reform but disagree on the specifics. They are hoping to form a united front by June, when a summit of eurozone countries will be held alongside the European Council summit.

Mr Macron wants a European Monetary Fund that would help invest in the eurozone’s less rich economies, but German conservatives are worried that they might foot the bill of any economic risks taken by other states.

The French president has also previously proposed the eurozone having its own finance minister and a separate budget for the shared currency area.

Ms Merkel is understood to be more positive on the prospect of a eurozone banking union, but cooler on other proposals.

In a speech in the European Parliament on Tuesday Mr Macron warned that Europe is in a state of “civil war” and was afflicted with a “fascination with the illiberal”.

“There is doubt in a number of European countries. Month after month we’re seeing views and sensibilities emerge which call into certain fundamental… There seems to be a sort of European civil war. National selfishness and egotism seems to take precedence over what brings us together,” he said.

“There is a fascination with the illiberal, and that’s growing all the time. So Europe has an ever greater responsibility.”

The French president said it would be “the worst possible mistake” to give up on the European social model and integration of the continent, describing nationalism as a “deadly tendency which might lead our continent into the abyss”.