German Finance Minister Wolfgang Schäuble | Pool photo by Thomas Niedermueller/Getty Images Wolfgang Schäuble welcomes Emmanuel Macron’s eurozone reforms

German Finance Minister Wolfgang Schäuble is open to the reforms proposed by French President-elect Emmanuel Macron to radically change the eurozone.

"Mr Macron and I are in complete agreement," Schäuble said in an interview with Italian newspaper La Repubblica published today. "There are two ways to strengthen the eurozone: through treaty changes or pragmatically [through agreements] between states."

Schäuble went on to say treaty changes are not realistic, "So it is the second best option to create a European monetary fund in which we further develop the ESM [European Stability Mechanism]."

Macron promised in his election campaign to promote further eurozone integration and has called for a eurozone finance minister and common budget. He also wants to create a eurozone parliament, which includes MEPs from countries in the common currency. Schäuble said he had already discussed the parliament proposals with Macron and said that idea "is possible."

Schäuble said French resistance had previously prevented sovereignty over finances from being transferred to the EU.

Other members of Schäuble's party, Angela Merkel's conservative Christian Democratic Union, have warned the measures championed by Macron could lead to a loss of control over spending and called upon Macron to reform the French economy instead. The president-elect has said he will propose plans to reform France in parallel to his eurozone proposals.