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The euro area currently has no funding mechanism to help members at risk from defaulting (Photo: 1suisse)

Plans emerge for 'European Monetary Fund'

Plans for a European Monetary Fund emerged over the weekend as the ongoing debt crisis in Greece forces European politicians to rethink the euro area's institutional architecture.

The loan-providing fund could be part of wider Franco-German scheme to reinforce economic co-operation and surveillance within the 16-member eurozone, with the European Commission signaling its readiness to come up with proposals.

"The commission is ready to propose a European instrument like this that...

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The euro area currently has no funding mechanism to help members at risk from defaulting (Photo: 1suisse)

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