How much firepower will it have? We also need to know whether we want the assistance to be provided to countries on the condition that they restructure their debt. This is what Germany’s “five wise men” want... In general, conditionality does not entail a restructuring of the public debt, which really is a last resort.
This is a topic that must be handled with great care. Let’s not forget the market reaction in 1/2  BIS central bankers' speeches  2010 when, in Deauville, Angela Merkel and Nicolas Sarkozy talked of engaging investors when a government was in serious trouble. The ideas which are currently circulating include that of a euro area budget.