
European Union member governments and institutions are looking for ways to make the bloc more resilient to financial crises and more independent from external organizations. A decade after the start of the financial crisis, the bloc is studying reforms that will better prepare European governments and banks for financial shocks. But EU officials in Brussels and national governments will have to do so while trying to bridge member states' conflicting strategic interests. According to a leaked document obtained by El Pais newspaper, on Dec. 6 the EU Commission will present a plan to turn the European Union's permanent bailout fund into a European Monetary Fund (EMF). The institution would be in charge of rescuing bloc countries in trouble, with an initial pool of 500 billion euros.