In an initial coalition agreement with Angela Merkel’s CDU, Mr Schulz’s SPD has backed an “investment budget” for the euro, as well as turning the ESM bailout mechanism into a European Monetary Fund under parliamentary control.
Speaking to broadcaster ZDF, Mr Schulz declared: “The paper is a turnaround for European politics. There will be a European finance minister.”
Leading CDU figures including Angela Merkel had initially expressed doubts about whether such a figure would have too much power, but she appears to have backed down in a significant concession to europhile Mr Schulz.
The announcement is a huge success for French president Emmanuel Macron, who proposed the sweeping EU reforms, including the creation of a Euro finance minister.
And the agreement between Germany’s two largest parties sees them commit to developing “common positions with France on all important questions of European and international politics”.
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Mr Macron has expressed some scepticism about the CDU-SPD propositions for EU reform, as he personally does not back the creation of a European Monetary Fund, believing it is enough to make some minor changes to the ESM.
However the plans bring Germany much closer to his views on the Eurozone – meaning Angela Merkel is highly likely to throw her weight behind his vision, which also includes an EU army and shared defence budget in a bold vision for Europe.
After the 28-page document was unveiled on Friday morning, Mr Schulz said: “Together, we are determined to use Germany’s strength, both economically and politically, to make Europe a grand project again. This is our common goal.”
EU Commission president Jean-Claude Juncker is delighted with the pro-European deal. He said: “In terms of the substance I’m very happy with what the CDU/CSU and the SPD have agreed. It is a significant, positive, forward-looking contribution to European policy debate in Europe.”
The creation of a European finance minister could be the first step in former European parliament president Mr Schulz’s dream for a federal Europe.
At the SPD conference in December 2017, he laid out his desire to create a United States of Europe within eight years, telling party delegates: “I want there to be a constitutional treaty to create a federal Europe.”
In the same speech, he vowed the SPD would take an active role in shaping European policy, refusing to give a say to more conservative figures such as former finance minister Wolfgang Schäuble.
The SPD membership will vote on the deal at a party congress set for January 21.