A view shared by the President of the European Central Bank JeanClaude Trichet

Despite the success yesterday markets through the issuance of long-term Portuguese bonds, discussions on the way in which Europe must prove the strength of its economy and the commitment to its currency intensified in Brussels. Everything with its ten recommendations for Member States to return to growth, the President of the Commission to allow European, José Manuel Barroso, has thus said yesterday the need to strengthen the capacity of European (EFSF) financial stabilization fund, expand its possibilities of intervention and, if possible, do not delay and make a decision about it here at the next Summit of Heads of State and Government scheduled February 4. This statement has taken short Paris and Berlin who believe that the Stabilization Fund of 440 billion euros, guaranteed by the Member States, is sufficient until new order to help countries in difficulty, including Portugal and Spain. Change the rules of the game whereas climate is the calm might even worry the markets.

The spokesman of the French Government, François Baroin, indicated "that the funds in the period was sufficiently important to meet the requests made by this or that country", while in Berlin Chancellor Angela Merkel recalled that the Fund reserves were far from being exhausted, while reminding that the Germany would "do what is necessary in support of the euro."leaving the door open to discussions.

The appetite of investors

The EFSF is at the centre of queries since the rescue of the end of November Ireland. In the immediate future, the Fund, which will launch to January 24, his first show for an amount of EUR 5 billion, has little concern about the appetite of investors. But in the longer term, everyone wondered about its real capacity to deal with multiple failures of indebted States. Because it was built in the Emergency Department: it thus became quickly a volume of only 250 billion euros of bonds of the EFSF would get the AAA note, given to constitute reserves and different ratings of the guarantors members. Its President, Klaus Regling has said repeatedly that the EFSF had sufficient means and that the rescue of the Ireland bound for the time being only 7 of the means of the Fund on the next three years. The left margin for the other because, even in the event that the Portugal would appeal to the EFSF, ways to hire would probably lower than the Irish plan, the country is not required to restructure its banking sector. But markets replicate that in case of difficulty of Spanish, European mobilization could not to show the height. This is why José Manuel Barroso says that we should take advantage of financial calm to send the necessary signals to "the determination to preserve the stability of the euro area". Since the beginning of last week, discussions are underway between the experts of the States of the euro area. Various options are under consideration, first to raise the amount of the guarantees provided to push the borrowing capacity displayed EUR 440 billion, then to allow the EFSF to buy directly from sovereign debt to loosen the grip of the markets in the States until they are driven to seek help, or to decrease the rate of loans to borrowing countries. José Manuel Barroso received yesterday in Brussels, the Director of the international monetary fund, Dominique Strauss-Kahn. The latter was apparently convinced that it was better to prevent that cure by strengthening now this Fund. A view shared by the President of the European Central Bank, Jean-Claude Trichet. The discussion is expected to continue Monday at the Council of Finance Ministers of the countries of the euro area.