European Commission Vice President Valdis Dombrovskis, who also serves as the European Commissioner for the Euro and Social Dialogue, announced the measures for the completion of Europe’s Economic and Monetary Union (EMU).
He said: “We are currently proposing how we can support the preparatory work and necessary reforms in those countries wishing to join euro zone.
“And by this we are showing that euro zone should be enlarging, and the commission is ready to assist those member states working on this to ensure that they can be prepared to join the eurozone and can prosper within the eurozone.
“The main idea is to make the eurozone stable and sustainable against potential future economic shocks.
“We must also restart the process of convergence within the European Union.
“We are starting a series of initiatives, such as creating a separate eurozone budget line within the European budget to ensure fiscal stability.”
Brussels wants to put special emphasis on reform as well as on deepening the bloc’s co-operation against a backdrop of Brexit and growing anti-EU sentiment across the continent.
Mr Dombrovskis said: “We propose dedicated tools to support structural reforms in euro area member states, and we propose a dedicated facility to support those member states working toward euro accession.”
He said this also involves a motion to “transform and strengthen” the European Stability Mechanism (ESM) by turning it into a European Monetary Fund.
The ESM has acted as a safeguard to member states in financial trouble, providing instant financial assistance and proving instrumental in quelling the sovereign debt and banking crises that plagued several EU states following the 2008 recession.
Mr Dombrovskis also tabled the idea of a potential European minister of economy and finance.
He said: “No country will be forced to join the euro zone.
“There are no strict deadlines. What we’re proposing now is a tool to work with those member states willing to join the euro zone and actively working in this direction.”