European ratification of a reinforced crisis-management fundwill act as a prelude to an even more divisive debate: whether toput more money into the pool and use it to borrow on behalf of all17 euro states.

The question of “eurobonds” or “fiscal union” — toxic languagein northern countries like Germany — will force itself onto theagenda once the retooled rescue fund is in place as soon as nextmonth.

The trigger will be a European Commission feasibility study ofjointly sold eurobonds, seen by a growing number of economists asthe only way of guaranteeing to the markets that countries such asItaly won't go bust. Unprecedented bailouts by governments and theEuropean Central Bank have so far failed to stamp out the crisisthat is menacing the region's core members.