It is every nation for itself according to both Merkel and Sarkozy. The Germans has essentially bailed out Hypo for $65B. In times of crisis, local governments try to take precedence and those that can pay for their own rescues do so, very verbally proclaiming that they do not want their moneys to go an bail someone else out. Me first.
Sarkozy acknowledges that it is going to be every nation for itself on rescue packages for the moment and most people do not believe that the EU is capable of official action, although in the field, response seems to be quick and decisive.