IMF’s Lagarde Says Euro-Zone Members Must Beef Up Monetary Union

International Monetary Fund chief Christine Lagarde said euro-zone members must give clear indications in the weeks ahead that they will reinforce their monetary union, Liberation newspaper quoted her as saying in an interview.

Euro-zone members should consider the creation of a European Treasury to issue common debt and be prepared to have their budgets decided at a European level, Lagarde said. Monitoring of the financial industry should be at European Union level rather than at the European Central Bank, the daily reported, citing Lagarde. The IMF chief also said she favors the creation of a European finance minister position.

Lagarde said the IMF will return to Greece after the June 17 election to assess what the country has accomplished in the past eight weeks. She declined to say if Greek debt may have to be restructured again, the daily reported.

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