EUobserver / Plans emerge for 'European Monetary Fund' (Plans emerge for 'European Monetary Fund')
EUobserver / European Monetary Fund proposal to be ready by June (European Monetary Fund proposal to be ready by June)
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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.
This actually seems like adding several tools in an already good toolbox.

The first priority however should be to make members stick to agreed goals of less than 3% deficits and less than 60% borrowing against GDP, as a start, and then slowly strengten fiscal security and try to run positive numbers.

Wider programme for greater euro area economic co-ordination seems like a good way to sum it all up.