At the FT‘s Brusselsblog, Tony Barber comments on the long, long wait for a European Monetary Fund–and the formidable obstacles still in its path.
[It] is inconceivable that an institution resembling the International Monetary Fund, with all the powerful instruments at its disposal which this implies, could be created without a change to EU treaty law. In other words, there would have to be an inter-governmental conference to rewrite the Lisbon treaty. Given the EU’s nightmarish experience in adopting Lisbon, treaty revision sounds about as appealing as a bondholders’ haircut. But if Europe wants its own monetary fund, there is probably no other way of getting it. Let’s just hope it doesn’t take another 32 years before it sees the light of day.