No, the EMF would not be able to deal with financial crises effectively, because there are a lot of member nations involved, and they would not be able to reach agreement. Right now, the European Union does most of their work through consensus. Because they cannot always agree, the EMF would be very slow at responding to crises.
Austerity measures in countries such as Greece, Spain and Portugal have borne out the problem with the Euro Zone and economic crises. Although the danger has passed for now, what happens when another recession happens? Will any attempt to rescue a country's economy include lessons learned from the 2007-2008 collapse? Riots in Greece and protests in France and Spain seem to indicate austerity measures are met with harshly in tough economic times.