German Chancellor Angela Merkel attends a news conference after a meeting of leaders of East German federal states in Bad Schmiedeberg, Germany, April 18, 2018. REUTERS/Axel Schmidt
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German Chancellor Angela Merkel backs the idea of a European Monetary Fund, provided national governments have sufficient oversight, sources close to her said before a visit by the French president.President Emmanuel Macron, who will meet Merkel in Berlin on Thursday, is pushing hard for bold euro zone reforms to defend the 19-member currency bloc against any repeat of the financial crisis that took hold in 2009 and threatened to tear it apart.Merkel told the meeting that an EMF should be incorporated into European law via a change in the EU treaty, though she did not make this a stipulation for creating it, participants said.One participant at Tuesday's meeting of lawmakers with Merkel said she wanted an EMF to act with conditionality, the same approach taken by the International Monetary Fund, which attaches strict reform conditions to aid.
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