Argument: The EMF cannot be set up without a new treaty
Creation of the Fund faces many legal impediments.  Angela Merkel: "Without treaty changes we cannot found such a fund. So we will need a treaty change."
Gavin Hewitt. "A European Monetary Fund." BBC. March 9th, 2010: "It was a bold statement and some officials are already recoiling at the prospect. Arguments over the Lisbon Treaty lasted eight years. Outsiders criticised the EU for its obsession with structures and being inward-looking. There is simply no appetite - particularly with the French - for another round of treaty changes, but such a significant institution cannot be simply drafted in. It would need the agreement of all member states."