• Actions have helped bond markets
  • Must build further confidence in Europe
  • ESM will have a capital base of 700 bln Euros and a lending capacity of 500 bln
  • Need stronger financial firewalls
  • Focus needed on reforms, growth and employment
  • Vital to avoid a credit crunch
  • Leaders will discuss EFSF, ESM in coming weeks, will finalize some decisions in coming days