EU prepares European version of International Monetary Fund

According to a leaked document obtained by El Pais newspaper the EU Commission is to present on 6 December a plan to turn the European Union’s permanent bailout fund into a European Monetary Fund (EMF). The new fund would save euro countries in trouble, with an initial pool of €500 billion. The proposal is also expected to include creating a eurozone budget sometime in the future.

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Panos Sfaelos

Journalist - Chief Editor

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