Mervyn King: Europe's response to solvency crisis is only going to buy year or two

According to the Telegraph live, Mervyn King sees Europe's response (a leveraged European Financial Stability Fund and 100 billion euro bank recapitalization) to the solvency crisis as only buying a year or two of breathing space as it does not address the underlying problems.

The question becomes what does Europe do with the year or two of breathing space.

Does it require the Eurozone banks to disclose the detailed information on their current assets and liabilities so that the issue of bank solvency can be addressed?