The European Parliament's Committee on Economic and Monetary Affairs (ECON) has asked the European Commission to present a proposal for the establishment of a European Monetary Fund (EMF) by the year's end. This new body would take over the Troika's (European Commission, ECB and IMF) role in the medium term. This proposal is part of the EP's highly anticipated report on the Troika's work and its future under Community law.
The report, drafted by Othmar Karas (EPP, Austria) and Liem…