The President of the Eurogroup Jean-Claude Juncker said yesterday that many questions remained unanswered and needed to be clarified before the possible establishment of a European Monetary Fund.

The idea, initially put forward by a party of German politicians to save the eurozone country bankrupt, would not help in regard to the situation in Greece, said Jean -Claude Juncker, speaking on German radio NDR. "There are thousands of issues to be clarified for the creation of a European Monetary Fund," he said. "This is not an instrument for solutions for economics in Greece, should this be necessary."

He said that the Eurogroup, which brings together finance ministers from the eurozone should expand its surveillance system regarding the budgets of the sixteen members.