OECD urges 'mother of all firewalls' for EU

Pressure mounted on Europe to build an even bigger financial stabilisation fund to head off sovereign debt concerns, with the United States, Brazil, and the Organisation for Economic Cooperation and Development (OECD) all urging an increase.

While the advice coming out of a meeting of G20 finance ministers, senior officials and central bank heads seemed overwhelming, Germany - Europe's main financial engine - appeared loath to fund yet another increase to stabilisation funds that already have about €500bn.