An Economic Fire Department for Brussels The Trouble with Calls for a European Economic Fund

A handful of European leaders want to move swiftly to create their own European take on the International Monetary Fund. The idea is to be able to independently address financial crises like that being experienced in Greece without the embarassment of turning to the IMF. But the move would be highly risky for everyone involved and could even paralyze the European Union.
The European Central Bank's chief economist has warned calls to create a European Monetary Fund could "undermine acceptance of the euro and the European Union."

The European Central Bank's chief economist has warned calls to create a European Monetary Fund could "undermine acceptance of the euro and the European Union."

Foto: Marius Becker/ dpa