Policy Makers In The EU Play Down The Idea Of A European Monetary Fund

Policy makers in the EU played down the idea of a European Monetary Fund, on Tuesday.

European policy makers said that the idea to launch such a fund was more a long term project and did not offer a solution to the crisis currently faced by Greece.

According to Alex Weber, German central bank chief, and one of the top contenders to become the next ECB President, the idea of a European Monetary Fund providing aid to troubled euro zone economies could be counterproductive.

Weber told a news conference that talk of how to institutionalize help is not very useful when the question is how to implement budget reforms.