Euro zone must make first reforms by 2019, says French finance minister

PARIS: The euro zone must take its first steps towards reforming its economic regulations and institutions by the start of 2019 at the latest, French Finance Minister Bruno Le Maire said on Monday.

Le Maire said progress on reforming financial sector regulations and converging tax rules was the immediate priority, before tackling the euro zone's crisis stabilisation mechanisms and setting up a joint budget further down the line.

"We are advancing phase by phase, the first includes banking union, capital market union and fiscal convergence. In these areas, progress must be made by the end of 2018 and at the latest by the start of 2019," Le Maire said in a New Year's speech to French economic representatives.