To save them for any future financial crisis like the one experienced by Greece, the European Union is sketching a plan for rescue fund, as a spokesman revealed on Monday. This proposal came following the suggestion of having a European Monetary Fund to avoid any economic disturbance that has created problems for Greece. It was insisted by Wolfgang Schaeuble, the German Finance Minister that the Euro region must consider the suggestion of forming an organization equivalent to International Monetary Fund.

Commission Spokesman Amadeu Altafaj stated, "Basically the (European) Commission is ready to propose such a European instrument for assistance which will require the support of all euro area member states. There is a clear sense of determination to improve economic governance of the euro area".

It has not been decided yet that fund would be merely financial instrument or will be skinned into a new staff with related budget.

He added, "We need to deal with the Greek situation in real time. We need to learn lessons from the crisis in Greece. There is clear will within the euro-area member states and the European Central Bank to learn lessons from what happened and to take measures ".