brussels european commission propose wednesday package legislative non-binding measure reform euro zone make resilient future crises main proposals euro zone bailout fund european stability mechanism esm transform european monetary fund emf responsibilities addition provide loan member state financial trouble emf would backstop euro zone lender-funded bank resolution fund single resolution fund make nimble emf would emergency able take decisions majority vote rather unanimity rule could also develop new financial instrument could use provide support state hit financial shock european minister economy finance could start work november 2019 new commission take office minister would time vice president commission chair eurogroup euro zone finance minister would oversee work new european monetary fund minister would promote support coordination implementation reform eu countries would also responsible identify appropriate fiscal policy euro area whole new instrument would help countries hit crisis maintain level investment good time thank eu financial support could accelerate recovery trouble state ail state could receive automatic support mix loan grant eu budget emf financial aid would strictly conditional clear criteria continuous sound policies particular lead convergence within euro area eu state encourage carry structural reform fund eu budget could make available already next year technical financial support would provide eu countries members 19-state euro zone want join common currency area intergovernmental fiscal compact treaty introduce strict budgetary rule eu countries except croatia czech republic britain sign incorporate eu law process increase democratic legitimacy eu fiscal rule face opposition countries like italy fear tight provision compact become permanent also criticize germany many fear could lead soften current fiscal rule factbox eu commission proposals euro zone reform