The Netherlands became the 15th country to do that today, pledging to provide a 5.7pc chunk of the EFSF, or €25bn. Now only Slovakia and Malta are left to vote.
19.30 Channel 4 economics editor Faisal Islam has appeared on-screen, standing outside the Bank of England talking about today's QE measures, which he described as "magic money".
He asked the BoE governor Mervyn King for his thoughts on the current debt crisis:
The situation in 2008/9 around the world was so much easier than it is today. Those measures taken then did not solve the underlying problems.This is undoubtedly the biggest financial crisis the world has ever faced.
I would love to get back to a state where interest rates were at normal levels. In the long-term this country needs more savers, not less.
Asked if he feared a world collapse, he said: "I think the word collapse is not a well-defined phrase".
19.09 Mervyn King has just briefly appeared on Channel 4. Asked about the danger of QE causing inflation, he said:
I have enormous sympathy with the predicament of savers, particularly those who are retired, face. They are suffering from... an economic crisis they did not cause.
The full interview is at 7.30pm.
19.01 Until today we'd seen £200bn in quantitative easing from the Bank of England, and this latest round will take us up to £275bn. Will that be the end of it?
Yesterday we ran a poll here on this blog asking if we would see QE today. A (slim) majority of you got it right, with 36.7pc voting "yes". A further 36pc said it would come next month, but 27.4pc of you shot wide and voted "no". Thanks to the 676 of you who voted.
We've just launched another poll, you can see it towards the top of this page, asking if we're likely to see any further measures before this debt crisis is over. It may take longer before we can judge your results on this one...
18.43 We covered Mervyn King's interview with Sky News earlier, where he said that this crisis was the worst since the 1930s, if not ever. We also mentioned that a Channel 4 interview is to come later on this evening.
18.40 Angela Merkel has said there should be no hesitation before recapitalising banks, if they need it, but that "the first step is for banks to recapitalise themselves".
The German chancellor was speaking at a press conference with the heads of the IMF, the World Bank and the Organisation for Economic Cooperation and Development.
18.25 Mervyn King has been extremely busy today. First he unveiled £75bn in quantitative easing, then he embarked on an unprecedented round of television interviews.
Faisal Islam, Channel 4 economics editor, is tweeting quotes from an interview with the Bank of England governor that will be broadcast this evening.
Very harsh squeeze on living standards in the UK is now coming to an end. Monetary policy the right instrument because we can change it quickly, the Government can't change its spending programme quickly.
18.17 Reuters has created a clever widget that allows you to carry out your own bank stress test, without even leaving your desk. Visit this page, tweak the size of the haircut inflicted on each country, and see how many European banks are at risk.
The telegraph
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