Europe bolstered its anti-crisis arsenal, channeling 150 billioneuros ($195 billion) to the International Monetary Fund as theEuropean Central Bank widened its support for sagging bondmarkets.

Four countries not using the single currency also pledged to addto the IMF war chest while Britain refused to commit, preventingofficials from reaching the 200 billion-euro target to ease theeuro area's home-grown debt burdens. The U.K. will “define itscontribution” in early 2012, euro finance ministers said in astatement after a conference call yesterday.

The IMF track is “obviously a small-scale solution,” former UBSAG Chairman Peter Kurer told Maryam Nemazee on BloombergTelevision's “The Pulse” program. “What really would be needed inthe ideal world would be euro bonds or a substitute which can bringlarge-scale liquidity and confidence into the markets.”