11 Mar.
The German proposal to establish a European monetary fund ran into skepticism at home and abroad Tuesday, highlighting the political and legal hurdles that such an undertaking would face.
In her first public reaction, the French economy minister, Christine Lagarde, described the idea as interesting, but not urgent.
That sentiment was echoed by Axel A. Weber, the chief of the Bundesbank. “It’s not helpful to talk about ways to institutionalize help when the question is how to implement the budget reforms,” he said.
The German chancellor, Angela Merkel, has voiced support for the proposal, which was initially floated in the German press by her finance minister, Wolfgang Schäuble. But she stressed the caveats.
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11 Mar.
