Nouriel Roubini, the co-founder and chairman of Roubini Global Economics LLC., said European leaders have to increase the size of the region’s rescue fund to at least 2 trillion euros ($2.8 trillion) by early November to safeguard Italy and Spain, German magazine Stern reported, citing an interview.

It’s the responsibility of German Chancellor Angela Merkel to prevent a crash of global financial markets and a world recession by acting speedily to expand the European Financial Stability Facility, even if it jeopardizes Germany’s AAA rating, Roubini was quoted as saying.