Eurogroup boss calls for new banking force in desperate bid to handle eurozone crisis

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Jeroen Dijsselbloem conveyed the eurozone’s current bailout machine the European Stability Mechanism (ESM) could morph into a form of the IMF, echoing comments by German finance minister Wolfgang Scaheuble.

The new heavyweight machine desire then help to take the place of the bloc’s current troika of lenders — the IMF, the European Commission and the European Inner Bank (ECB) – said the chief of the group formed of eurozone funds ministers.

It comes as the ECB is said to feel increasingly uncomfortable about its capacity as lender to Greece and indebted states in the bloc.

Mr Dijsselbloem said the commission should also be zero in on other issues.

The minister told a German newspaper: «I think it wish make a lot of sense for the eurozone bailout fund ESM to be developed into a European IMF in the compromise to long term.

«The ECB feels increasingly uncomfortable in its troika role, and rightly so I imagine.»

He added the ESM should look to «build up the technical expertise that but the IMF has at the moment».

The issue is set to come up at today’s Eurogoup meeting, as well as the checkmate over a review of Greece’s bailout programme.

But Mr Dijsselbloem said the Troika should put their roles in Greece’s current rescue.

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