A paper drafted for national governments by the European Union's Executive arm layed out that combining the euro zone's temporary bailout of as much as 440 billion-euro fund into its permanent fund of 500 billion-euro fund to create a permanent $940 billion-euro facility, would be the most convincing and effecient way to leverage a firewall against the region's debt crisis.

The draft signlaed efforts to ramp up the firewall will be the main debate when finance ministers meet in Copenhagen at the end of the month. Still, that option is likely to be offenced from Germany, which has called for smaller increase in the bailout firepower.