01:49 GMT +325 June 2018
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    European Commissioner for Economic and Financial Affairs Pierre Moscovici listens to Greece's Finance Minister Euclid Tsakalotos (Unseen) during joint statements to the press at the EU representation office in Athens on July 18, 2016.

    EU Economic Affairs Commissioner Supports Idea to Create European Version of IMF

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    European Commissioner for Economic and Financial Affairs Pierre Moscovici expressed support for the proposal to create a European version of the International Monetary Fund.

    BRUSSELS (Sputnik) — On Monday, Eurogroup President Jeroen Dijsselbloem said in an interview to the Frankfurter Allgemeine Zeitung that the European Stability Mechanism (ESM) should be turned into a European version of the International Monetary Fund (IMF).

    “I would say that I am not shocked by the proposal, that the ESM is developing, is getting more expertise, and is even more than today involved in the management of programs. And why not the European Monetary Fund? I think, it’s an open debate,” Moscovici said at a press conference on Monday following the Eurogroup meeting.

    The ESM is the bailout fund, which provides financial assistance to eurozone countries experiencing or threatened by financial difficulties in order to ensure the financial stability of the eurozone as a whole.


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