No, the European Monetary Fund is not a good idea, because it makes all of the countries dependent on each other. This will have ripple effects, because the problem in one economy can have an effect on the economies of the rest of Europe. This will result in the stronger countries supporting the weaker ones, which will make everyone poorer.
A European monetary fund does nothing to spur the European region's economy. Instead, the fund servers to bail out those countries who have shown a repeated and demonstrated pattern of fiscal irresponsibility. Citizens of fiscally responsible European countries shouldn't have to pay for the mismanagement of those free spending nations.