Idea About A European Monetary Fund Gains Ground In Brussels

According to a report by the Financial Times, the idea of an European Monetary Fund has gained more ground in Brussels.

The European Commission has given indications that it is willing to back any plans to set up a monetary fund, with enough resources to bail-out any country that may face a crisis like Greece. According to European Commission officials, a proposal for the fund could be ready by as early as June.

The idea to start such a fund gained ground after Greece was struck with a debt crisis. Although the country has been able to calm down fears in the debt markets by announcing a fresh austerity package, the idea to start a fund has been doing the rounds to avert any possible sovereign debt crisis in the euro zone.