Tuesday, March 9, 2010

Proposed European Monetary Fund Advances

By Jack Ewing and Matthew Saltmarsh
The New York Times
Monday, March 8, 2010


FRANKFURT — Greece’s fiscal problems seemed to be nudging Europe toward closer integration Monday, as the European Commission endorsed a German proposal for a European monetary fund to prevent future debt crises, while officials called for new regulations to prevent speculators from exploiting countries’ economic woes.

But details of the fund proposal were vague, and any plan faced political and legal impediments. A plan would also come too late to help Greece even if all European Union members agreed to it, analysts said.

For further reading:
"EU, ECB lock horns over IMF-style rescue fund", Marcin Grajewski, Reuters, March 8, 2010
"Germany and EU plan 'European IMF'", The Local, March 8, 2010
"Plans emerge for 'European Monetary Fund'", Andrew Willis, euobserver.com, March 8, 2010

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