The European Union is currently investigating ways to improve and increase the powers of the European Stability Mechanism, which helps eurozone countries who need to borrow money.
Ultimately, Brussels hopes the ESM could entirely replace the IMF in bailout scenarios – leaving the ESM and the European Commission to handle whatever new trouble might occur.
The idea, backed by French President Emmanuel Macron, is to strengthen ties within the eurozone and make it more resilient to financial shocks.
And the move would see the bloc handed substantial new powers to monitor and enforce compliance during bailout programs while continuing to disburse funds.
But the change would make Europe independent from the IMF, meaning the EU would be the one to react each time a euro currency country needs financial rescue.
According to Carsten Brzeski, chief economist at ING, the eurozone wants to build up its own “fire fighter” for potential future sovereign crises.
He told CNBC: “An EMF (European Monetary Fund) would also leave eurozone problems to be solved by the eurozone and not by ‘outsiders’.”
Erik Jones, professor of European studies at Johns Hopkins University, added: “Beneath the surface, I think there is frustration in many circles that support the EMF proposal with the political nature of the European Commission.
“They worry that the commission is likely to be unwilling to push member states hard enough when they break the rules.
“The EMF would be less afraid of being unpopular and so more willing to impose discipline.”
Earlier this month, EU officials hosted talks in Luxembourg as part of a broader discussion on how to better organise the single currency area and integrate it more deeply after Britain leaves the European Union in 2019.
Proposals include setting up a eurozone budget, appointing a eurozone finance minister and creating a eurozone subgroup in the European Parliament.
Klaus Regling, the head of the ESM, said in a speech in September: “So far, the IMF has always contributed to the ESM rescue programmes in Europe, but a consensus is now growing that it will not play that same role again in a future crisis.
“The ESM could take over that role, as well as other tasks.”
Euro zone officials involved in managing the debt crisis of 2010 to 2012 said the European Central Bank, which took part in teams overseeing reforms in bailed-out countries, would rather not do that again.
The Eurogroup discussion will be the first of several leading to a summit of EU leaders in December and probably throughout the first half of 2018.