It says something when even the European Commission announces the latest idea put forward to alleviate the eurozone debt crisis - that European bailout funds buy bonds to push down borrowing costs - is just financial painkiller. Italian prime minister Mario Monti says he floated the idea at the G-20, with France's Francois Hollande backing further discussion. The aim, to stabilise financing costs for countries like Italy that are undertaking reform, is seductive, but the plan is full of holes.

The idea is far from new. The European Financial Stability Facility and yet-to-be-activated European Stability Mechanism have powers to buy sovereign bonds from countries that aren't under full bailout programmes. The European Central Bank has already tried buying bonds to prevent market disorder, but has achieved little lasting effect.