Brown refused to join the euro area when he was finance minister (Reuters - Archive)
Said former British Prime Minister Gordon Brown said the European Financial Stability Fund needs to raise its capital four times in order to overcome the current debt crisis.
The forum in Seoul that many people believe that you should increase the capital to fund trillion euros (2.7 trillion dollars) to meet the current pressures.
He must find solutions to the problem of how to increase the fund even as opposed to the European countries such as the increase.
He said that his country refused to join the euro zone because of the region's need for appropriate measures to avoid a crisis like the current storm.
Brown was refusing to join the euro area when he was finance minister.
Brown expressed his belief that the European single currency will not be able to continue the current format only through closer financial cooperation.
It is noteworthy that the Government of Slovakia yesterday lost a confidence vote in parliament called for in order to increase the size of the bailout fund.
But is expected to approve the plan in the last vote at a later time because the Prime Minister of the outgoing Evita Radikova plans to ask for help from the opposition.
And approved the Group of 16 other euro plan, which aims to expand the powers of the Fund.
The government of Germany - Europe's largest economy - has been able at the end of last month to get approval to raise the ceiling on the fund of 440 billion euros to 780 billion.
And the foundations of the European Fund for the stability of the financial year 2010 to help the distressed European countries such as Ireland and Portugal, these countries provided that the policy of a government austerity radical.
And assigned to the task of this new mechanism to borrow money from international markets and low interest rates, with guarantees from euro zone countries and re-distribution of this borrowed money to troubled European countries interest rates lower.
Source: agencies