Belgian Finance Minister Didier Reynders believes that the European Union’s permanent rescue funds should be made larger than what has currently been made available, further stressing that any increase should be granted no later than 2013. He says however that any initiative to increase the funds to be granted to countries with debilitating debts should only be approved once the 27-member bloc finalizes their decision as to what kind of permanent solution will be able to address the impending financial crises in Europe.

Over the weekend, finance ministers from all around Europe worked on designing plans for permanent rescue. The plans are set for implementation as early as 2013 and shall be based on the European Financial Stability Facility that’s currently being implemented starting May of this year. Reynard also said while standing on the sidelines in a conference in Brussels that the bloc needs to increase said funds, but he’s not demanding it currently. However, if the committee does decide to approve the increase within the coming weeks or even months, they should implement it as soon as possible while Belgium occupies the European Union President’s seat until 2011.

The Union has already digged deep into rescue funds to help Ireland bail out of its debt crisis. Nevertheless, the cloud of debt crisis is still looming above Europe in general, with Spain and Portugal up next to bear the brunt of the economy’s downturn. Increasing rescue funds will also very likely meet with a lot resistance, especially from Germany which already was quite disinterested in implementing the EFSF.