David Fuller's view The aim of the emergency European Union financial stabilisation package was to create "shock and awe" in financial markets. It is designed to convince markets that they cannot win in forcing any eurozone state into defaulting on its debt.

Initially, markets may be wowed by the size of the package. But the size just means that more debt has been added to a problem that is about too much debt. EU governments and the European Central Bank are now obliged to guarantee or buy the sovereign debt of other members as a solution to the eurozone's debt crisis. But the solution to a hangover is not more alcohol.

The shock of this package will eventually give way to less awe. As all the AAA-rated nations in Europe have 70-80 per cent of gross domestic product public debt ratios already - not far behind the "junk bond" states (and worse than Spain), we reckon the market will soon wake up to the fact that this deal is a form of contagion by official action.

This package is not the circuit-breaker to end the crisis because it involves the creation of more sovereign debt to solve the problem of too much. It is a story that we have outlined for the whole of the Organisation for Economic Co-operation and Development.