Europe Prepares Next Crisis Steps After Merkel Win on EFSF

European leaders are turning their focus to the next steps to stem the region’s debt crisis after German lawmakers approved an expansion of the euro-area rescue fund’s firepower.

With the European Commission now expecting the overhauled 440 billion-euro ($594 billion) European Financial Stability Facility in place by mid-October, euro finance chiefs will next week discuss accelerating enactment of a permanent rescue fund that provides more capital and a tool for managing defaults.