Thursday, December 22, 2011

A Central Bank Doing What It Should

The article closes with:

In the short run, Mr. Draghi has avoided disaster. In the longer run, it is hard to see a course that enables the peripheral countries to regain prosperity and competitiveness while keeping the single currency.

You just knew that they had to do something - they weren't going to let it end (the Euro) in a giant mess (although it probably still should and will - as he points out above). So we basically have a repeat of what the Fed did in America. But the Europeans named the banks at least - it didn't take three years and a FOIA request by Bloomberg to find it out. And there will be more lent no doubt...