Incoming ECB President Draghi speaks at the "World Savings Day" meeting in Rome
Incoming European Central Bank (ECB) President Mario Draghi speaks at the "World Savings Day" meeting in Rome October 26, 2011. The reform proposal outlined by the Italian government in a letter to its European Union partners contains ideas which must now be acted on rapidly, Draghi said on Wednesday. REUTERS

The Eurozone aims to leverage its 440 billion euro bailout fund, the EFSF, several fold but finance ministers will only agree the details of how that will be done in November, according to a draft statement to be issued after a summit on Wednesday.

The statement, obtained by Reuters, says two options are being considered to leverage the fund, one involving it issuing risk insurance and the other built around it taking part in a special purpose investment vehicle. Both models could be deployed simultaneously, the draft statement said.

The Eurogroup of finance ministers will be asked to finalize the terms and conditions for how the EFSF will operate under the leverage schemes in November, the statement said.

In addition, it said the EFSF's resources could be further enhanced, possibly via cooperation with the International Monetary Fund.

The draft statement also called on Spain to do more to bring its budget into line, while praising it for the steps taken so far. A paragraph on Italy, which is under pressure to do more on pension and other reforms, was left blank but is expected to be added later.

(Reporting by Luke Baker, Julien Toyer and John O'Donnell; Writing by Luke Baker)

International Monetary Fund Investment European union International Monetary Fund