Weber: Creating European Monetary Fund should be a priority

The German politician believes the establishment of a EMF would help Europe cope better with future financial crisis

Photo: EPA Manfred Weber, chairman of the EPP in the EU Parliament attends a media conference in Berlin

German CSU Vice President Manfred Weber, who is running to take over the European Union’s top job next year, said that turning the European bailout fund (ESM) into a European Monetary Fund (EMF) should become a priority, so that Europe could be prepared to cope with a future financial crisis without the help of, for example, the International Monetary Fund (IMF).

“I want to prioritise one thing: that is the establishment of a European Monetary Fund, an idea that’s been discussed for a while, and that must be finalised by the end of the year at the December summit,” he told a news conference in Berlin.

“The political picture behind that is that in the last euro zone crisis we asked for the IMF’s (International Monetary Fund) help. Barack Obama was the president then so partnership was possible. In future crises, which we can’t exclude happening, I as a European don’t want to be dependent on the White House,” Weber added.

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