News features
Eurozone considers EMF to improve financial stability
Tuesday, 16 Mar 2010 04:28
Financial problems, like the recent occurrences in Greece, could be avoided if the eurozone implemented a European Monetary Fund (EMF), according to politicians.
Ministers in Germany in particular are keen to impose tough conditions countries in the eurozone in order to prevent future troubles in the economy.
However, Luxembourg's prime minister Jean-Claude Juncker, emphasised that, should the fund get the go-ahead, it would be used to benefit the European Union as a whole rather than particular countries.
"[The EMF] would not be an instrument for Greek-style solutions, were this to be necessary, but a somewhat broader instrument that would protect the entire eurozone, not only one country," said Mr Juncker.
An International Monetary Fund already exists and offers a good model on promoting global monetary co-operation.
The EMF would offer a similar service but with a focus on European matters including securing financial stability, facilitating international trade and promoting sustainable economic growth.
Related Articles
Updates are coming shortly