The European Taxpayers’ Association opposes the creation of a European Monetary Fund.

The European Taxpayers’ Association (TAE) has warned against the creation of a European Monetary Fund. President Rolf von Hohenhau explains that, rather than constantly setting up new European agencies, existing institutions must be strengthened. Among other things, the EU Commission and the ECOFIN Council need stronger powers of oversight and enforcement.

It is questionable whether a European Monetary Fund would be a more effective remedy for the poor fiscal policies of some Member States. A European Monetary Fund that merely serves as a collection point for taxpayers’ money is also rejected. Greece must urgently overhaul its fiscal policy, the President of the European Taxpayers’ Association continued, rather than relying on funds from European taxpayers.

Munich/Brussels, 10 March 2010