German Chancellor Angela Merkel’s government called for a fundamental overhaul of European Union finances as Britain’s exit from the 28-nation bloc is about to tear a hole in the group’s 140 billion-euro ($172 billion) annual budget.
With a major net contributor set to leave the union next year and populist movements gnawing at the bloc’s bonds, Germany is seeking to take advantage of its additional financial leverage to get wayward EU states to fall back into line. The message is play ball or risk losing out on funds.