Factbox: EU Commission proposals on euro zone reformBRUSSELS (Reuters) - The European Commission proposed on Wednesday a package of legislative and non-binding measures to reform the euro zone and make it more resilient to future crises.  Below are the main proposals: The euro zone bailout fund, the European Stability Mechanism (ESM) should be transformed into a European Monetary Fund (EMF) with more responsibilities. In addition to providing loans to member states in financial trouble, the EMF would be a backstop for the euro zone s lender-funded bank resolution fund, the Single Resolution Fund. To make it more nimble, the EMF would in an emergency be able to take decisions with a majority vote, rather than with unanimity, as is the rule now. It could also develop new financial instruments that could be used to provide further support to states hit by financial shocks.   A European Minister of Economy and Finance could start working from November 2019 when a new commission will take office.  The minister would be at the same time a vice president of the commission, the chair of the Eurogroup of euro zone finance ministers and would oversee the work of the new European Monetary Fund. The minister would promote and support the coordination and implementation of reforms in EU countries and  would also be responsible for identifying an appropriate fiscal policy for the euro area as a whole.  This new instrument would help countries hit by a crisis to maintain the same level of investment as in good times thanks to EU financial support. This could accelerate the recovery of troubled states. An ailing state could receive  automatic  support with a mix of loans and grants from the EU budget and the EMF.  The financial aid would  be strictly conditional on clear criteria and continuous sound policies, in particular those leading to more convergence within the euro area .  EU states will be encouraged to carry out structural reforms with funds from the EU budget that could be made available already from next year. Technical and financial support would be provided to the EU countries that are not members of the 19-state euro zone and which want to join the common currency area. The intergovernmental Fiscal Compact treaty that has introduced stricter budgetary rules for all EU countries except Croatia, the Czech Republic and Britain which did not sign it, should be incorporated into EU law. The process is to increase the democratic legitimacy of EU fiscal rules, but faces opposition from countries like Italy that fear the tight provisions of the compact will become permanent. It is also criticized in Germany, where many fear it could lead to a softening of the current fiscal rules.  worldnews
factor eu commission proposals euro zone reformbrussels reuters the european commission proposed wednesday package legislative measures reform euro zone make resilient future crises below main proposals the euro zone bailout fund european stability mechanism em transformed european monetary fund em responsibilities in addition providing loans member states financial trouble em would backdrop euro zone bank resolution fund single resolution fund to make simple em would emergency able take decisions majority vote rather unanimity rule it could also develop new financial instruments could used provide support states hit financial shocks a european minister economy finance could start working november new commission take office the minister would time vice president commission chair eurogroup euro zone finance ministers would oversee work new european monetary fund the minister would promote support coordination implementation reforms eu countries would also responsible identifying appropriate fiscal policy euro area whole this new instrument would help countries hit crisis maintain level investment good times thanks eu financial support this could accelerate recovery troubled states an ailing state could receive automatic support mix loans grants eu budget em the financial aid would strictly conditional clear criteria continuous sound policies particular leading convergence within euro area eu states encouraged carry structural reforms funds eu budget could made available already next year technical financial support would provided eu countries members euro zone want join common currency area the intergovernmental fiscal compact treaty introduced stricter budgetary rules eu countries except croatia czech republic britain sign incorporated eu law the process increase democratic legitimacy eu fiscal rules faces opposition countries like italy fear tight provisions compact become permanent it also criticized germany many fear could lead shortening current fiscal rules worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Factbox: EU Commission proposals on euro zone reformBRUSSELS (Reuters) - The European Commission proposed on Wednesday a package of legislative and non-binding measures to reform the euro zone and make it more resilient to future crises.  Below are the main proposals: The euro zone bailout fund, the European Stability Mechanism (ESM) should be transformed into a European Monetary Fund (EMF) with more responsibilities. In addition to providing loans to member states in financial trouble, the EMF would be a backstop for the euro zone s lender-funded bank resolution fund, the Single Resolution Fund. To make it more nimble, the EMF would in an emergency be able to take decisions with a majority vote, rather than with unanimity, as is the rule now. It could also develop new financial instruments that could be used to provide further support to states hit by financial shocks.   A European Minister of Economy and Finance could start working from November 2019 when a new commission will take office.  The minister would be at the same time a vice president of the commission, the chair of the Eurogroup of euro zone finance ministers and would oversee the work of the new European Monetary Fund. The minister would promote and support the coordination and implementation of reforms in EU countries and  would also be responsible for identifying an appropriate fiscal policy for the euro area as a whole.  This new instrument would help countries hit by a crisis to maintain the same level of investment as in good times thanks to EU financial support. This could accelerate the recovery of troubled states. An ailing state could receive  automatic  support with a mix of loans and grants from the EU budget and the EMF.  The financial aid would  be strictly conditional on clear criteria and continuous sound policies, in particular those leading to more convergence within the euro area .  EU states will be encouraged to carry out structural reforms with funds from the EU budget that could be made available already from next year. Technical and financial support would be provided to the EU countries that are not members of the 19-state euro zone and which want to join the common currency area. The intergovernmental Fiscal Compact treaty that has introduced stricter budgetary rules for all EU countries except Croatia, the Czech Republic and Britain which did not sign it, should be incorporated into EU law. The process is to increase the democratic legitimacy of EU fiscal rules, but faces opposition from countries like Italy that fear the tight provisions of the compact will become permanent. It is also criticized in Germany, where many fear it could lead to a softening of the current fiscal rules.  worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: factor eu commission proposals euro zone reformbrussels reuters the european commission proposed wednesday package legislative measures reform euro zone make resilient future crises below main proposals the euro zone bailout fund european stability mechanism em transformed european monetary fund em responsibilities in addition providing loans member states financial trouble em would backdrop euro zone bank resolution fund single resolution fund to make simple em would emergency able take decisions majority vote rather unanimity rule it could also develop new financial instruments could used provide support states hit financial shocks a european minister economy finance could start working november new commission take office the minister would time vice president commission chair eurogroup euro zone finance ministers would oversee work new european monetary fund the minister would promote support coordination implementation reforms eu countries would also responsible identifying appropriate fiscal policy euro area whole this new instrument would help countries hit crisis maintain level investment good times thanks eu financial support this could accelerate recovery troubled states an ailing state could receive automatic support mix loans grants eu budget em the financial aid would strictly conditional clear criteria continuous sound policies particular leading convergence within euro area eu states encouraged carry structural reforms funds eu budget could made available already next year technical financial support would provided eu countries members euro zone want join common currency area the intergovernmental fiscal compact treaty introduced stricter budgetary rules eu countries except croatia czech republic britain sign incorporated eu law the process increase democratic legitimacy eu fiscal rules faces opposition countries like italy fear tight provisions compact become permanent it also criticized germany many fear could lead shortening current fiscal rules worldnews