Policy makers under pressure can get preoccupied with the fixation of the moment. For the eurozone, that idée fixe has been "the firewall." How big is big enough? Who contributes and how? Instead of quarrelling over firewalls, Europeans should add just a fraction - say €10bn - to the capital of the European Investment Bank. Under current conditions the EIB may actually have to reduce lending. Instead, the EIB could use more capital to borrow and then invest to support structural reforms, showing Spaniards and Italians that their sacrifices will draw productive investments. Firewalls have their purpose. But this debate risks becoming a distraction. Europeans and their partners need to keep their eye on the strategic Schwerpunkt: helping Italy and Spain with growth and the politics of fiscal consolidation and structural reforms that will boost business, competition and jobs. 06.49 Meanwhile, The Daily Telegraph's Jeremy Warner believes the IMF still hasn't grasped the severity of the euro crisis: The eurozone has itself agreed some increase in the size of its bailout funds, but it is still too small to accommodate even a Spanish rescue let alone an Italian one, and it is certainly smaller than the IMF, the US and the UK were hoping for. 06.46 Back in Europe, Madrid is plotting to strip Spain's regions of their powers in a radical bid to convince global investors that the nation can control its finances. Prime minister Mariano Rajoy has said no one should doubt Spain's commitment to the euro, and that it deserved support from the rest of the world for the measures it had taken, including a budget last month that the finance minister described as its 'most austere' in democratic history. 06.35 Nigeria's candidate for the World Bank job complained yesterday that the selection was "not really being decided on merit." 06.30 We have a new head of the World Bank. No surprise, it's the US nomination Jim Yong Kim. For more background on the Dartmouth College President, take a look at this profile piece from the time of his nomination by President Obama. 06.02 A quick look at this morning's newspaper front pages: