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Tuesday, 30 March 2010

Germany supports plans for European monetary fund

German chancellor Angela Merkel has backed plans for a European monetary fund (EMF) but warned such a move would require a new treaty, reports the FT. German finance minister Wolfgang Schäuble's proposal to set up an EMF would allow the eurozone to bail out any members under strict budget conditions. Merkel has expressed support for the plans, saying the sanctions at the EU's disposal to deal with the Greek crisis "were not good enough". The creation of an EMF is likely to require treaty change, which has highlighted differences between Paris and Berlin who are struggling to come up with a common position, reports the paper. According to the Irish Times, a spokesman for economic and monetary affairs commissioner Olli Rehn has said it is too early to say whether a change to the treaties would be required.The Wall Street Journal adds that the idea of an EMF has gained favour with the European commission, with proposals from the EU's executive likely to be put forward later this year.

Source: The