European Commission spokesperson, Amadeu Tardio informed that the EC is looking to come up with a "European Monetary Fund" or a similar mechanism for the European Union. The spokesperson has confirmed that the European Commission is at its initial stage to have a talk with euro-zone countries regarding the issue.

Mr. Tardio further informed that such mechanism will help the economy to rebound soon and it will undoubtedly enhance the surveillance in Europe.

Tardio has also said that the main objective of such an instrument is to provide a proactive means to tackle further economic crisis like Greece. Greece is now dealing with a severe a debt crisis.  

The European Commission is planning to bring a concrete proposal for the EU countries within the next few months.  

Meanwhile, German Finance Minister, Wolfgang Schäuble has expressed that his country will support the European Commission to craft a European Monetary Fund. Commenting on the debt crisis in Greece, he further added that such debacles are forcing European nations to restructure the institutional designs. Schäuble has also anticipated that this instrument can be constructive to bail out indebted nations amongst the 16 euro using countries.