The European Union and its euro zone members said on Sunday that any future bailout would occur only in the “context of joint EU/IMF support,” and require a program of “strong conditionality” according to an agreement by EU finance ministers. In plain language, the International Monetary Fund is providing 250 billion euros for the bailout, but the IMF will have the power to approve any loan, and as a condition of any loan, impose tough economic policies on the borrowing country, and will police the loan. Consequently, the IMF’s power to oversee the global financial markets has been vastly increased.