The President of the European Commission has dampened speculation that the EU is working towards the creation of a European Monetary Fund to bail out struggling euro zone economies.
Speaking in Strasbourg, José Manuel Barroso also dismissed suggestions that the EU had not properly scrutinised economic data from the Greek government.
Germany's Finance Minister Wolfgang Schaeuble had suggested that a European equivalent of the International Monetary Fund should be created.
However, Mr Barroso told MEPs today the idea was presented without details, and it was a longer term proposal that would require changes to existing EU treaties.
He added that the current priority was to work on bolstering economic co-ordination with member states and greater surveillance of euro zone economies.
Earlier, he was asked if the Commission had suspected that the Greek government was publishing incorrect figures to conceal the extent of its borrowing.
However, Mr Barroso said the Greek figures were scrutinised precisely because of such doubts.
He added the blame lies with the Greek government for not respecting the terms of the growth and stability pact, which limits the amount of money euro zone governments can borrow.
