Macron’s dreams for closer economic union under fire as member states reject euro plans

Eight countries, including Ireland, Sweden and the Netherlands backed a strongly-worded joint statement in a stand against the sweeping monetary and economic integration championed by Mr Macron.

The finance ministers said they opposed the “far-reaching proposals” and insisted member states should recognise the eurozone needs to “regain public trust” in the wake of the financial and sovereign debt crises.

The statement also warned all initiatives needed to have public support in member states and that policy areas with established member-wide support should have first priority.

Dutch prime minister Mark Rutte has led calls for fewer economic and political powers to be handed over to Brussels and warned “it’s not a French-German Europe” and that the EU must avoid “speeding towards federalism”.

The joint statement said that any deepening of the European Monetary Union needed to ensure that there were “real value added, not far-reaching” new powers at an EU level.

In a thinly veiled criticism of Franco-German power-broking, the statement pointed out that any plans for future integration must be “inclusive” and be “discussed and decided by all” of the remaining 27 EU members.

Resentment against France and Germany has been building up for several months now and was highlighted by the Italian elections in which 50 percent of voters back populist groups with strong anti-EU rhetoric.

The Italian result follows rise to power of governments with strong anti-Brussels sentiment in Poland and Hungary.

The euro currency came under particularly heavy fire in statements by Italian politicians ahead of the election.

Northern league leaguer Matteo Salvini branded the euro as a “German currency”, adding that it was “a mistake” for the Italian economy, and saw his party quadruple its share of the vote to 18 percent.