The question then for the countries with warships in the region is this: Do they have the long-term commitment to keep funding a force that is at best a stickingplaster for the problem?
The stickingplaster is only useful if it gives Italy and Spain sufficient time to persuade the markets that they have their deficits on a sustainable downward trend and their public finances are being properly fixed.
To avoid it just being a stickingplaster it would have to come with large amounts of fiscal transfer, as suggested on 21 July, in the form a quasi-Marshall Plan (since eurobonds are off the agenda due to the German court ruling).
"There are the short-term sticking-plaster steps of a proper firewall to prevent contagion around Europe, a much more decisive settlement for Greece... strengthening the European banks, " he told Sky News.