Taxpayers Association of Europe rejects creation of a European Monetary Fund

The Taxpayers’ Association of Europe (TAE) warns against the creation of a European Monetary Fund. As President Rolf von Hohenhau states, rather than creating ever more new European agencies, we need to strengthen the existing institutions. Things that are needed include stronger control and enforcement rights of the EU Commission and the ECOFIN Council.

It is not clear that that a European Monetary Fund would be a sharper weapon against the unsound fiscal policy of some Member States. Also rejected is a European Monetary Fund which acts as a collection point for taxpayers’ money. As the Taxpayers’ Association of Europe President continues, Greece has to get its fiscal policy in order, regardless of how, rather than hope for funds from European taxpayers.

Munich/Brussels, March 10, 2010