Brussels pushes for 'European IMF'

Source: PressTV
http://www.presstv.ir/detail.aspx?id=120407&sectionid=3510213


The European Commission is increasingly supporting the idea of creating a European version of the International Monetary Fund (IMF) to boost the eurozone's financial stability.

The proposed rescue fund, put forward mainly by Germany and France, is said to mark a new phase of economic cooperation within the 16-nation euro zone.

"The European IMF" could be considered as part of a series of initiatives aimed at avoiding a repeat of the sort of financial crisis engulfing Greece.

"The commission is ready to propose such a European instrument for assistance, which would require the support of all euro-area member states," Amadeu Altafaj Tardio, a spokesman for the commission, said Monday.

"Things are moving very quickly," he told reporters at a briefing in Brussels.

The European Commission's Economic and Monetary Affairs Commissioner Olli Rehn said in a newspaper interview published on Monday that the Commission was ready to propose such a European instrument that has the support of euro zone member countries.