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After several bailout programs, the relationship between Europe and the International Monetary Fund (IMF) could be about to change dramatically. The euro zone is studying ways to improve the powers of the European Stability Mechanism (ESM) — a fund that helps euro zone countries that need to borrow money — and for it to ultimately replace the IMF's presence in bailouts. Detailed plans from the European Commission are expected before the year end, but the overall idea is to give the ESM more responsibilities to monitor and enforce compliance during bailout programs while continuing to disburse funds — basically, the tasks of the IMF.

"The euro area is more resilient now than in years past … I believe the ESM should now progressively graduate into a European Monetary Fund which, however, must be firmly anchored in the European Union's rules and competences," Jean-Claude Juncker, European Commission president, told lawmakers in September.

Why does the euro zone need its own IMF?

The idea from European officials and leaders, including French President Emmanuel Macron, is to deepen the ties within the euro zone and thereby make it more resilient to financial shocks. But, mostly, it would make Europe independent from the IMF each time a euro currency country needs financial rescue. According to Carsten Brzeski, chief economist at ING, the euro zone wants to build up its own "fire fighter" for potential future sovereign crises. "An EMF (European Monetary Fund) would also leave euro zone problems to be solved by the euro zone and not by 'outsiders,'" he said via email. During the Greek crisis, there were significant policy differences between Europe and the IMF. These started in differences in forecasts — for instance, in what will be Greece's primary surplus — to ultimate key decisions, such as how further debt restructuring should work. It is worth noting that the IMF has been, in opposition to most euro zone members, one of the biggest supporters to adapting Greece's debt profile.