European Commission proposes creating a European Monetary Fund
The new EU institution would replace the European Stability Mechanism in 2019
The European Commission has unveiled today (December 6) a series of proposals to complete the institutional architecture of the eurozone.
The roadmap includes the creation of a European Monetary Fund, a budget for the eurozone and a minister of economy and finance. “The overall aim is to enhance the unity, efficiency and democratic accountability of Europe’s Economic and Monetary Union by 2025,” the commission says.
The proposal places the new EMF under the supervision of the European
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