Olli Rehn has an interesting piece in the FT this morning. One noteworthy part is the admission that the current and proposed financial support measures are not up to the task.
In parallel, we must ensure that the financial support mechanisms put in place last May are fit for purpose. The effective lending capacity of the current European financial stability facility should be reinforced and the scope of its activity widened. Here we need to review all options for the size and scope of our financial backstops – not only for the current ones, but also for the permanent European stability mechanism too.