European bailout

The European Union is searching for ways to help economically troubled members of the euro zone, such as Greece, in times of crisis.

In fact, the turmoil in Greece is causing other countries that share the euro to contemplate a bailout fund or similar method to help stabilize a member's troubled economy.

Although the euro countries have a common currency and central bank, they lack a reliable institution or policy to rescue faltering economies, the Wall Street Journal notes. Nor are there enforcement mechanisms to keep budget deficits and government debt under control.

They are contemplating something akin to the International Monetary Fund.

Germany has been slow to approve a bailout plan for fear that it would give countries greater license to behave irresponsibly if they were assured of rescue. German Chancellor Angela Merkel has signed on to the idea, but other German officials want to see strong budget rules in place.

France, too, said it would consider a European monetary fund but with more oversight than exists now. French Finance Minister Christine Lagarde has proposed an "economic government" of the euro zone.

Both Italy and Greece agree that the euro zone needs some way to address budget crises of vulnerable members, at least in the short term.

There is much to work out, however, including what the EU treaty permits. One government, for instance, cannot shoulder the debt of any other. But ideas are being broached: a trustee fund by currency members that would borrow from financial markets; a euro-zone fund financed by members, its payments tied to debt and deficit management.

Greece's crisis may lead the euro partners to an even closer economic integration.