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Gemany Favors 'European IMF'

Wolfgang Schaeuble
BERLIN -- Germany's finance minister has said Europe needs an institution similar to the International Monetary Fund (IMF) to combat situations such as the Greek debt crisis.

Wolfgang Schaeuble told the "Welt am Sonntag" newspaper that he would soon make proposals to his European Union colleagues on this subject.

He said he does not envisage an institution that would compete with the IMF, but rather a body dedicated to the internal stability of the eurozone. This could be called the European Monetary Fund, he said.

Schaeuble noted that the 16 countries that share the common currency the euro would prefer to deal with the Greek debt crisis without resorting to aid from the IMF.

He said taking financial help from the IMF would be an admission that the euro countries could not solve their problems with their own resources.

compiled from agency reports