'Germany Backs European Version of IMF'

Discussion in 'Economics' started by Wallace, Mar 7, 2010.

  1. By MARCUS WALKER And BOB DAVIS
    "Germany expressed support for creating a "European Monetary Fund" that
    could bail out indebted nations in the euro zone, showing how Greece's debt
    crisis is forcing Europe to rethink the institutional design of its
    common-currency area.
    German Finance Minister Wolfgang Schäuble said he would "present
    proposals soon" for a new euro-zone institution that has "comparable powers
    of intervention" to the International Monetary Fund.
    In an interview with German newspaper Welt am Sonntag, Mr. Schäuble said
    the euro zone should draw lessons from the Greek crisis, which has exposed
    the region's lack of tools for dealing with a member country at risk of
    defaulting." more
    http://online.wsj.com/article/SB10001424052748704706304575107814218903120.html?mod=googlenews_wsj