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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Europe moves to create rescue fund AFP - Tuesday, March 9 Send IM Story Print A man stands by the Greek National Printing House in Athens on March 6 bearing a banner 'Occupation'. Europe moved on Monday toward the creation of a rescue fund of its own, designed to shore up the euro currency should wayward users become trapped by spiralling debts like Greece. BRUSSELS (AFP) - – Europe moved on Monday to create its own financial rescue fund, designed to shore up the euro currency should spiralling debts among wayward eurozone members like Greece trigger fresh market mayhem. But German-driven plans immediately hit obstacles as the European Central Bank's top economist warned that such a fund would create the "wrong incentives" and France countered that it could take "years" to set up. The European Commission said it would float proposals on Tuesday to create a "European" version of the International Monetary Fund. "I find the idea good and interesting," said German Chancellor Angela Merkel in Berlin. Germany is leading the efforts as Europe's biggest economy and the one with the most to lose should euro confidence again slide. But the government is reluctant to upset taxpaying national voters. European Union countries are divided on how far to push for French President Nicolas Sarkozy's stated desire for European "economic government." Politically, the left also wants to ensure that greater emphasis is placed on investment via such a fund to create jobs and growth. And analysts warn the tentative plans could trigger renewed recession. Merkel admitted many questions surrounding the fund need to be addressed, not least "who will pay into it" and "how independent it will be." She said the EU would need a new treaty between its 27 member states -- a daunting prospect given the years it took to ratify the Lisbon Treaty, which came into force less than 100 days ago. She underlined that Greece's fiscal crisis had shown that the 16 countries that share the euro need new instruments. Crippling debts run up in Athens, themselves masked by dodgy data reporting, have forced radical austerity measures on Greece's Socialist government and triggered strikes and violent protests in Athens. Greece is not alone. Portugal said on Monday that it would cut spending, delay investment and sell state assets to fix its finances. Paradoxically, the EU can only currently give such emergency loans to non-euro members, as seen last year with Hungary, Latvia and Romania. The EU's economic and monetary affairs overlord Olli Rehn will "inform" his peers in the commission of ongoing "discussions" on the issue, his spokesman said. He gave no details on how the fund would be built up or run. Rehn earlier told the Financial Times Deutschland newspaper that financial aid would be linked to "strict conditions," such as budget cuts or structural economic reforms. The commission would not comment on German reports saying Berlin wanted "sanctions" written into new arrangements. According to the FT, these could include the loss of EU funding, the removal of EU voting rights and even exclusion from the eurozone. At the currency's birth a decade ago, Germany rejected the inclusion of such safety nets for fear of encouraging profligate spending. But German Finance Minister Wolfgang Schaeuble said at the weekend that "for the internal stability of the eurozone, we need an institution that has the experience and power of the IMF." Schaeuble's spokesman Michael Offer said Berlin was working with France on proposals to be unveiled "shortly." However, the ECB's Juergen Stark warned that the scheme "could be very expensive, create the wrong incentives and finally, burden countries (that have) more solid public finances." Paris warned that Germany's existing proposal is "very, very complex." Standard & Poor's analyst Trevor Cullinan said such a fund could provide "breathing space" but stressed that responsibility for bust finances would "remain with the sovereign state." Natixis economist Patrick Artus warned that intensified attacks by bond and currency traders could unleash a vicious circle resulting in "recession" and "depreciation of the euro." 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