This is not a crisis that will be solved by central bankers. Its length and depth, and the shape of the recovery, will depend almost entirely on how fast we can sort out the banking sector. On that front, the news is not good on either side of the Atlantic.
Maybe that will improve when Tim Geithner, US Treasury secretary, announces the details of his bank rescue plan this week. Judging by his statements so far, I am not hopeful.
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