The European Commission put forward proposals on further euro zone integration on Wednesday as a response to the rising populist sentiment across the union.
The EU's executive body resurfaced previous proposals for a common finance minister and a new bond market to manage debt, which bundles national debts into one asset. However, such proposals, if successful, would only be fully in place by 2025, the commission's paper said.
Valdis Dombrovskis, vice-president of the European Commission, said that the EU should not wait for another crisis to deepen economic and monetary policies to strengthen the resilience of the euro area.
"We need to move forward now," Dombrovskis told reporters on Wednesday.
According to the European Commission, a fully integrated economic and monetary union would need a Treasury led by a EU finance minister, who could chair the meetings of the euro zone finance ministers – currently known as the Eurogroup.
"Everything would depend on the responsibilities and powers such a euro zone finance minister would receive," Carsten Brzeski, chief economist at ING, told CNBC via email. "Would be a representative role or would it come together with a euro zone budget," he wondered.
A high-ranking EU official, who often attends Eurogroup meetings, told CNBC last week that having a common minister seems unlikely in the near term. He explained that the current Eurogroup President Jeroen Dijsselbloem, who's also the Dutch finance minister, gathers significant support among the other finance ministers but failed to get enough backing to continue with his European role after having lost the general election, putting an end, at least for now, to the idea of a permanent president.