"Daniel Gros of the Centre for European Policy Studies and Thomas Mayer of Deutsche Bank argue the case for a European Monetary Fund ... [They concluded] ... setting up a European Monetary Fund is superior to the option of either calling in the IMF or muddling through on the basis of ad hoc interventions. The IMF has no mechanism for allowing orderly default, and ad hoc decisions typically have to be taken hurriedly ... when the pressure in markets has become unbearable." (Quoted from site)