"The Commission is the right institution to bring forward proposals for strengthening economic government in the eurozone. Today's roadmap should be on the table of the European Council on 23rd October as the collective response from the EU as a whole to the crisis.
However it is both urgent and vital to underline three key elements of our response to the crisis:
First, the rules of the EFSF need to change to avoid essential measures being blocked by specific domestic issues in one Member State.
Second, we need to at least triple the funds available to the EFSF and to introduce a European bond market to fully convince financial markets,
Thirdly, any plan for the recapitalisation of the banking sector must be a European one because banks need to trust each other than they are all meeting the same high standards of liquidity. Without it, lending will dry up and so will economic growth."
Press release
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