New initiative brings credibility to eurozone

More than a decade ago, Germany suggested a common currency for a “common Community”. Last weekend German finance minister came with another idea – creating a European Monetary Fund, EMF to bail out 16 eurozone members in financial difficulties. It is a remarkable idea, though questions abound, e.g. would the EMF cover eurozone or the entire EU, whether the EU treaties should be amended to create the fund. ... Read more...