European Monetary Fund nears reality

"The eurozone is finally waking up" and thinking of creating a European Monetary Fund, reports the Handelsblatt, now that Wolfgang Schäuble has come out in favour of setting up an apparatus to shore up European economies. He has fallen in with his French counterpart Christine Lagarde and European economy commissioner Olli Rehn, although Jürgen Stark, chief economist at the European Central Bank, remains opposed to the idea. Given this three-way consensus, the financial daily wonders “whether all three of them have the same thing in mind” and warns of the risk of the EMF becoming a “new monster bureaucracy”. "Apparently,” continues the Düsseldorf-based daily, "the Commission is fantasising as usual about meddling in national economic policies, in which case this fund would prove a real Trojan horse” in Brussels.