The idea of establishing an EMF, which would be modelled on the International Monetary Fund, was floated by German finance minister Wolfgang Schauble earlier this week.
He stated that such an agency could help prevent a repeat of the current debt crisis that is occurring in Greece.
However, the idea has been shot down by Mr Weber who described such a move as the "instutionalisation of emergency help", reports the Financial Times.
The Bundesbank chief added that Greece should be focused on cutting its deficit levels â meaning that the suggestion of the implementation of the EMF was badly timed.
"Any other discussion is a sideshow that will distract from the necessary [fiscal] consolidation," said Mr Weber.
He added that Germany may also want to focus on reducing its public borrowing â noting that Greece will actually cut its public sector deficit to three per cent of GDP faster than its European neighbour.
Last month, Greece announced its third package of public sector cuts and tax rises in the past three months.
By Claire Archer