The economic and monetary affairs commissioner, Olli Rehn said that the euro zone could leverage the bailout funds for the European Financial Stability Facility in order to support euro countries, where Rehn said at a seminar on the sidelines of the annual meeting of the International Monetary Funds that this could be taken into consideration in case new operational powers for the European Financial Stability Facility are ratified by the seventeen countries using the common currency.

common currency

According to Rehn Once that is done it is essential that we focus on both the long-term perspective of further fiscal integration and, in parallel, whether there are conditions to introduce some kind of euro bonds like the blue or red bonds -- partly European, partly national bonds.

In the meantime we need to build a bridge and I think this bridge will be developed on the basis of the current reform of the EFSF and as one part of that next stage we are contemplating the possibility of leveraging the EFSF resources to have more firepower and thus have a stronger financial firewall to support our member states that are doing the right thing, Rehn said.