Merkel vs. Macron French President Emmanuel Macron wants to reform the eurozone quickly, but German Chancellor Angela Merkel has rejected the idea of turning the European Stability Mechanism into a European Monetary Fund without lengthy treaty-change negotiations. Merkel is wary of the Germans having to bail out their neighbors while losing control of the distribution process. She said the proposed (by the European Commission) EMF would have to be an intergovernmental institution, rather than being under the control of the Commission. Macron told the European Parliament yesterday that he is tired of big policy decisions being kicked "into the long grass." Financial Times