Fitch Ratings said the European Central Bank’s bond purchases may need to be increased and Europe’s rescue fund expanded to stem contagion from the sovereign-debt crisis. The region’s debt crisis has “escalated beyond the point that it can be contained” by individual bailouts, the company said in a report today in London. Additional steps that may be needed include “a substantial increase in the volume of ECB purchases of government debt under its Securities Market Program, an increase in the financial support potentially available and further fiscal- and structural-reform measures.” The European Union and the International Monetary Fund approved an 85 billion-euro ($113 billion) rescue for Ireland on Nov. 28, seven months after a 110 billion-euro bailout for Greece, sparking a surge in the extra yield on Spanish and Portuguese debt. Spreads also widened on concern about finance chiefs’ decision to open the door to restructurings of government debt after 2013 as part of a permanent crisis mechanism to replace the temporary fund created in May. Fitch said the details of the new European Stability Mechanism aren’t yet concrete enough for the company to judge how it will affect sovereign ratings.