The European Central Bank President, Jean-Claude Trichet told lawmakers in Brussels today in his capacity as head of the European Systemic Risk Board that in Europe the crisis has reached a systemic dimension, and Sovereign stress has moved from smaller economies to some of the larger countries. The crisis is systemic and must be tackled decisively.

European leaders attempt to secure the European banking sector from a Greek default, in the time governments delayed the European leaders' summit to October 23 as the needed more time to come up with a new plan to overcome the debt crisis once and for all. The main reason to delay the summit was the rising opposition to Germany, where Merkel demanded private investors to bare more, as Luxembourg's Jean-Claude Juncker says write-downs could exceed 60%, while International Lenders are waiting the joint report from inspectors in Greece.

Trichet also said that Time is always of the essence when you have to be in a mode of crisis management.

Trichet said regarding the European Financial Stability Facility that We don't consider it appropriate for us to leverage the EFSF. As ECB Vice President, Vitor Constancio signaled that EFSF should be done using government guarantees rather than the central bank's market operations.