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Europe to have its own IMF version

Tags: IMF, Business, World, News
 
Mar 13, 2010 20:32 Moscow Time
IMF. Photo: EPA
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The President of the European Central Bank Jean-Claude Trichet has given  preliminary consent to set up a European Monetary Fund, an analogue of the International Monetary Fund. Mr.Trichet said the new Fund would aim at supporting the states’ financial systems rather than European currency as such. German Chancellor Angela Merkel has backed the initiative, which came in the wake of the devastating financial crisis in Greece which has plunged the country on the brink of bankruptcy.

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