Brussels, 23/12/2009 (Agence Europe) - In a press statement, the French Socialist, Pervenche Berès, declared that Greek budgetary difficulties are plunging the Eurozone into, “an uncertainty that once again reveals an original fault-line in the Economic and Monetary Union: that of the imbalance between its economic and monetary pillars”. The President of the employment and social affairs committee at the European Parliament said that, “the current situation demands the setting up of a European monetary fund where the mutualisation of sovereign debt would, as a counterpart, be subject to reinforced multilateral supervisory mechanisms and social criteria”. These funds would present several benefits: providing the European Union with the debt market equal to its economic weight; it would allow Eurozone countries to benefit from the best lending conditions on the financial markets. As an economic coordination instrument, the multilateral supervisory mechanism would help ensure that national budgetary choices reflected socio-economic priorities that member states collectively set out in terms of employment, solidarity and the fight against climate change and demographic challenges. The former president of the Parliamentary economic and monetary affairs committee is calling on the ECOFIN Council to tackle the subject. (M.B.)