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Syd 01:11:01 GMT - 10/01/2011  
FT.com
Financial markets are driving the world towards another Great Depression. The authorities, particularly in Europe, have lost control of the situation. They need to regain control and they need to do so now.

Three bold steps are needed. First, the governments of the eurozone must agree in principle on a new treaty creating a common Treasury for the eurozone. In the meantime, the main banks must be put under European Central Bank direction in return for a temporary guarantee and permanent recapitalisation. The ECB would direct banks to maintain credit lines and outstanding loans, while closely monitoring risks taken for their own accounts. Third, the ECB would enable countries such as Italy and Spain to temporarily refinance themselves within limits at a very low cost. These steps would calm markets and give Europe time to develop a growth strategy, without which the debt problem cannot be solved.

The immediate task is to erect safeguards against contagion from a possible Greek default. There are two vulnerable groups – the banks and the bonds of countries such as Italy and Spain – that need to be protected. These two tasks could be accomplished as follows.






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Mon 27 May 2019
AAGB/US- Holiday
Tue 28 May 2019
A 14:00 US- Consumer Confidence
C 13:00 US- Case-Shiller
Wed 29 May 2019
A 08:55 DE- Employment
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A 18:30 US- EIA Crude
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Fri 31 Mar 2019
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A 12:30 US- Personal Income, Spending, Deflator
AA 14:00 US- Final Univ of Michigan


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