"I'm not looking for any substantive agreement that will change policy, " said Daniel Gros, director of the Centre for European Policy Studies in Brussels, Belgium.

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Daniel Gros of the Centre for European Policy Studies and Thomas Mayer of Deutsche Bank think the EFSF should be registered as a bank and allowed to borrow from the ECB, using the government bonds it buys as collateral.

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But, as Thomas Mayer and Daniel Gros identified in a recent paper for the Centre for European Policy Studies, this problem can't be solved by simply expanding the EFSF - and not just because it takes so long to do it.

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Partisan application "of the rules of the game would rapidly destroy their acceptability by the member states, " argued Philippe de Schoutheete, a former Belgian diplomat, and Stefano Micossi, a well-known Italian economist, in an essay published last month by the Centre for European Policy Studies.

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