Let us recall first that the intervention of the IMF in the eurozone is not something that goes wit

Assistance of the International Monetary Fund (IMF) in the rescue of the eurozone allow European countries to deviate somewhat from yourself unpopularity of measures imposed post porto and have proven financial mechanism. Now that you have your own place, they can do without nego.Reshenieto Brazil and some countries not to support the IMF program in Greece came just in time to put into question the Fund's support to euro area Member States.
Let us recall first that the intervention of the IMF in the eurozone is not something that goes without saying. In fact, the IMF usually assist the country facing a strong imbalance of payments, post porto which in turn is most often expressed in the outflow of foreign capital, a decline in central bank reserves and depreciation of the national currency.
Providing finance through a program that is bound to carry out reforms, the IMF reassure investors and turned back the direction of capital flows to the country in crisis. Incidentally payments of the euro area are balanced and the euro is a strong currency, so they do not justify anything one intervention of the IMF.
In fact this and make Jean-Claude Trichet as President of the European Central Bank (ECB) at the beginning of the crisis in 2010 to state that a request to the IMF for help would be a failure of the euro area.
Ultimately, the IMF intervened (in the rescue of the euro area), contributing to Greece, Ireland, Portugal and Cyprus, and this was for three main reasons. The first is simply because nothing was intended to do in the event of bankruptcy of a euro area country. The fund was the only financial mechanism available to address the need for money in the very short term.
The other reason was political: The fund had to play its role of scapegoat, the institution which imposes unpopular conditions for recovery, and that was something that eurozone countries were not willing to do yourself.
ECB started implementing Outright Monetary Transactions or program, which allows to provide a state cash in a very short period by buying its government bonds, thereby justifying the words of the new president of the ECB, Mario Draghi, the bank is committed to " do what is necessary "to save the euro.
Institutions of the eurozone incidentally created the European Solidarity Mechanism (ESM), which effectively plays the role of a European Monetary Fund - a financial mechanism for lending to the most fragile countries.
Finally, from a political point of view, the most stable countries, starting with Germany, more successfully take their position, demanding to be taken to revive and show solidarity at the same time, for example, through the Fund for Assistance young people or small and medium enterprises.
Under these conditions, is not it time the eurozone said it could do without the IMF? World reserve currency can not you retake the entire sovereignty and show that it is able to be fully inclusive, its defenders? Avoiding the IMF would have a double effect.
The second consequence is political. Eurozone will be left to itself and its weaknesses, especially the differences in the economies of the South and the North. Only wished that governments in recent years to show that this area is not only a monetary union, but also a political act.
And the gesture would have been impressive: after a difficult transition eurozone could be said that it is ready to face the challenges alone (by canceling or not part of the sovereign debt of Greece, which caused tensions between the IMF and euro area).
Before refusing the help of the IMF, however, halfway to the target post porto could be operated one option. As it does in some countries, the Fund could sign with countries in the euro area, which has a program to support so-called safeguards agreements and to do so, of course, with the consent of the institutions in the euro area.
It's an agreement without financial help, but as a mandate for the conduct of economic policy. So the eurozone would remain financially self using at the same time the experience of the IMF. This would be the first step. Because the eurozone must ultimately be established politically.
More than three years to receive an invitation to participate because of his long experience in crisis management, in endless European adventure is obvious that the fund and mutual Europeans suffer from fatigue.
Published in early June assessment IMF bailout program for Greece and subsequent angry reaction to the European Commission in connection with this assessment exposed the undercurrents clashes that shook the current unprecedented cooperation between these institutions.
IMF participate in them as a smaller lender compared to the EU and the ECB. Before the crisis, the IMF o