IMF revives idea of eurozone 'rainy day fund'

The idea of a eurozone-only fund, floated last year by EU leaders, has been revived in a study written by International Monetary Fund (IMF) staff and published on Wednesday (25 September).

"The simplest way of organizing temporary transfers to deal with adverse shocks at the country level would be through a common, dedicated 'rainy-day fund'," the paper argues.

"Such a fund would collect revenues from euro area...