European governments say they are putting nearly $2 trillion on the line to protect the continent’s banks through guarantees and other emergency measures.

Pledges by Britain, Germany, France, Spain, Austria and Portugal in recent days have reached a total of $1.96 trillion. The sums are considered a maximum, and might not all be spent if the financial crisis eases.

Many of the pledges came Monday, a day after the 15 nations that use the euro currency agreed on an unprecedented bank rescue plan.

Europe’s most unified response yet to the financial crisis dwarfs the the Bush administration’s $700 billion rescue program.

The plan is helping calm markets after they dived last week. European and Asian stocks are up.