It gives error as when we use the command,
composer.phar create-project symfony-cmf/standard-edition symfony-cmf-standard/ --stability=dev
It creates symfony-cmf-standard folder as a project folder and starts installing dependencies but in between it tries to clear cache using
php app/console cache:clear
But as the current location is outside of the project folder it can not locate app/console so it fails.
Now if we change the directory to inside the project folder and clear cache manually by using command
php app/console cache:clear
It clears cache and then we need to again update dependencies using
php composer.phar update
It worked for me.