European governments are set to establish a European Monetary Fund (EMF), mirroring the International Monetary Fund, to reduce economic instability in the eurozone.

Spokesman from the European Commission Amadeu Altafaj Tardio said on Mar.8 that the establishment of EMF is not to deal with Greek crisis, but to provide positive methods in dealing with similar crisis in the future. Details of the proposal will be available in the next few months.

Wolfgang Schäuble, the German Finance Minister, said that eurozone countries needed to learn the lessons of the Greek crisis, which has exposed the need for a mechanism for dealing with eurozone members in danger of defaulting on their debts. He promised that details of the new EMF would be revealed "soon" and that it would have powers comparable to that of the IMF.