On Monday, French Finance Minister Bruno Le Maire and his German counterpart Olaf Scholz, will "jointly present a proposition… about the layout for a budget for the eurozone," a source told AFP.
"It's a major step forward. We will look forward to sharing with other members," the source continued.
The insider elaborated the budget hadn’t been established yet as the proposal was to first lay out the "architecture and main principles" of the budget.
Earlier this week, Merkel backed Macron’s idea to create a European army, stressing that it could be a “good supplement to NATO”.
Addressing the plan, which drew the ire of US President Donald Trump, the chancellor suggested that “Europe must take its fate in its own hands”, and that “only a united Europe can be strong enough to be heard on the world stage".
The scheduled meeting follows the adoption of a draft Brexit agreement earlier this week, and as Macron and Merkel are willing to promote European unity, the EU itself is reluctant to consider any renegotiation of the UK’s divorce agreement, The Telegraphreported.
According to the British media outlet, the remaining 27 member-states will insist on an emergency Brussels summit to back the Brexit deal set for November 25 “even if Theresa May is toppled as Prime Minister”.
“Mrs May will be invited. But even if something explosive happens and she can’t come, the November summit will go ahead regardless,” The Telegraph cited an unnamed diplomatic source as saying.
The emergency summit will prompt national ratification process in some EU countries as well as in UK Parliament, kickstarting a procedure that will culminate with a vote in the European Parliament in February and see the UK leave the alliance on 29 March 2019.
Earlier this week, May announced that the Cabinet had approved a draft Brexit agreement with the EU after five hours of negotiations.
The draft of the deal has prompted a row within the Conservative Party and beyond, triggering a wave of resignations of the Cabinet Ministers, including Brexit Secretary Dominic Raab.