Brussels, 11/10/2011 (Agence Europe) - Designated by the ECOFIN Council to replace Jürgen Starck on the European Central Bank's Executive Board, Germany's current Secretary of State for Finance Jörg Asmussen attended a hearing at the European Parliament's economic and monetary affairs committee on Monday 10 October, where he suggested a five-point plan to surmount the sovereign debt crisis: 1) solving the problem of the increasing public debt spiral in Greece and making the country more competitive; 2) improving the way the EFSF bailout funds are used; 3) recapitalising European banks that are too big to be allowed to fail (defined in line with common criteria) and ensuring they have access to cash; 4) a stronger commitment from countries with public deficits that they will balance their books; and 5) improving economic governance by changing the EU treaties. On the question of giving the EFSF sharper teeth, Asmussen rejected the idea of introducing leverage by allowing the EFSF to tap into cash held at the ECB, an idea also opposed by the outgoing head of the ECB, Jean-Claude Trichet (see EUROPE10468). (MB/transl.fl)