April 18, 2018 / 11:40 AM / 3 months ago

Merkel wants European Monetary Fund with national oversight -sources

BERLIN, April 18 (Reuters) - Chancellor Angela Merkel told lawmakers from her conservatives on Tuesday she favoured developing the euro zone’s rescue fund into a European Monetary Fund (EMF) over which national member states retain oversight, participants at the meeting said.

Merkel, who will discuss euro zone reforms at a meeting with French President Emmanuel Macron on Thursday, also said such a Fund should be incorporated into European law via treaty change, though she did not make this a stipulation for creating it, participants said.

One participant said Merkel wanted any EMF to act with conditionality - the same approach taken by the International Monetary Fund, which attaches strict reform conditions to aid.

“It’s not that one side is putting the brakes on and the other pushing ahead. We want to find a good reform path together,” one of the participants said on Wednesday.

Merkel’s remarks to her parliamentary bloc tread a careful line between Macron’s drive for bold euro zone reform and her conservatives’ push to retain scrutiny of any EMF such that German taxpayers do not end up funding profligate states. (Reporting by Andreas Rinke and Paul Carrel Editing by Madeline Chambers)

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