Olli Rehn, the European Union Economic Commissioner told reporters in Helsinki today that European lawmakers should quicken the implementation of the European Stability Mechanism (ESM), which could also function along side with the European Financial Stability Facility (EFSF). These steps taken by the European Union could maintain financial stability and support nations to over come the imbalances.

Rehn said that Discussions on speeding up the implementation of the permanent stability mechanism are ongoing and my view and the Commission's view is that it would be good to speed it up from summer 2013 to summer or some part of 2012. The Commissioner added that this in part would add capacity and firepower for Europe in the continued market turbulence and it would for its part help increase confidence, especially since it would work in parallel with the EFSF. This is why this is a sensible goal.