The existence of a European Monetary Fund would help turn conditionality into the joint adoption of a programme of internally consistent adjustment policies that are also consistent with the restoration of a resilient convergence path towards compliance with the group’s underlying rationale, which I previously called constituent rules.
The creation of a European Monetary Fund, with a clear mandate, means and independence of action from Member States and removed from the concept of guardianship, will put in place the necessary conditions for the development of win-win solutions, which is a pillar for the aggregate’s cohesion.