In this paper, the author focused on two areas. First he outlined the development of the financial assistance funds in Europe. Moving from EFSF and EFSM through ESM all the way to EMF was a long path. Will the EMF be a further step towards completing the economic and monetary union of the EU? It is the question the author tried to answer in the first part of the paper. Secondly, the author considered the position the EMF and the financial assistance funds have within the branch of financial law. Mainly, he tried to find answers to the question in which sub-policy within the public financial policy the financial assistance policy of the states (of the EU) belong and whether the public financial funds are rather of fiscal or non-fiscal nature. Having presented possible answers to these questions, the author expressed his hopes to instigate discussion among the financial law scholars on this topic.