French Minister: IMF-Style EU Fund not a Priority

France’s economy minister Christine Lagarde seems to disagree with German officials that the European Union needs its own monetary fund to protect its market from effects of future debt crises similar to what Greece is currently experiencing. Reuters reports that Lagarde regards the idea of a European monetary fund “interesting” but does not consider it an “absolute priority in the short term.”

German Chancellor Angel Merkel have thrown her support behind the idea but warned that creating such a fund would warrant a new EU treaty that could take several years to draft. Still, she pushes for the idea, the EU Observer reports.

Merkel noted: “We want to be able to solve our problems in the future without the IMF.”

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  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.