Unfortunately neither the IMF nor the EU facilities are able to offer insurance of this type: they are simply lenders. This is a pity, because the wider EU and the global community has a better capacity to bear tail risks than does a single State.
I would also like to make a couple of remarks about growth and trade from a central banker's perspective. The increased role of the EMEs in global growth and trade pose interesting challenges for central bankers. In particular, the increasing weight of the EMEs in world trade has been changing the domestic inflation process in the advanced economies, including in the euro area.