The 19 finance ministers agreed, after a marathon meeting that ran into the early hours of Friday morning last week, that the euro zone should have its own budget to help with structural reforms and public investment.
One economist described the decision on the euro area budget as an "important step into the right direction." "The euro zone budget is historic as five years ago no one would ever have thought of such a thing. True, it's only symbolic, only a small foot in the door. However, it could become an important instrument in the future," Carsten Brzeski, chief economist at ING, told CNBC via email.
"The co-financing element further ensures alignment of interest and mitigates the risk of misallocation of funds," he added. However, the EU has yet to negotiate its own budget for the next seven-year period. Other countries believe there should be additional contributions from the euro zone countries to boost the euro area's budget.
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