"This is akin to calling a meeting to decide whether or not to send out the fire brigade in case of a fire," the head of strategy at one of Europe's biggest asset managers said today of EU members having to meet to extend the fund to pull Europe out of the current crisis. As markets experienced their second say of unadulterated panic, calls rose for the ECB to "stop ducking responsibility", and inject fresh cash with "extreme levels of money printing".

Extreme market reactions call for yet more extreme solutions, but few have any confidence in European politicians managing to provide them amid the current crisis.