Finnish lawmakers yesterday and Germans today ratified expanding the European Bailout fund to 440 billion euros. They have agreed to let the ECB use the fund more flexibly. The ECB will be allowed to buy bonds, lend to countries before their is a full-blown crisis, and put capital into banks that need it.
Not just Germany and Finland but all the seventeen national parliaments must approve of the changes.
But it still remains to be seen if Germany will be willing to expand its leadership role in the EU to put it all together and make it work.