The authors, Daniel Gros and Thomas Mayer, think the euro area should prepare for fiscal crises instead of trying only to prevent them.

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"I'm not looking for any substantive agreement that will change policy, " said Daniel Gros, director of the Centre for European Policy Studies in Brussels, Belgium.

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Daniel Gros of the Centre for European Policy Studies and Thomas Mayer of Deutsche Bank think the EFSF should be registered as a bank and allowed to borrow from the ECB, using the government bonds it buys as collateral.

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But, as Thomas Mayer and Daniel Gros identified in a recent paper for the Centre for European Policy Studies, this problem can't be solved by simply expanding the EFSF - and not just because it takes so long to do it.

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