But in a recent speech in Austria, the prospective head of the ESM, Klaus Regling, said flatly that was wrong.

BBC: Good week for the euro - but also a warning

The new Greek interim PM is Lucas Papademos, pictured in the middle, while the man on the left is Klaus Regling.

BBC: Quiz of the week's news

And hopes that the EFSF's firepower could be increased to a trillion euros - the bare minimum deemed necessary - took a knock yesterday when its boss, Klaus Regling, said that the current turmoil in markets was limiting the EFSF's ability to raise what's needed from its current endowment of resources.

BBC: France squeezed by markets