Europe wants a solution at last

The European Central Bank announced two special programmes to support European banks after a meeting on Thursday. Europe's politicians are finally taking action, writes Jean Quatremer in his blog Coulisses de Bruxelles: "Panic on board: after months of denial the European governments have finally admitted that Europe's banks represent an serious threat. The collapse of the Franco-Belgian bank Dexia has roused them from their stupor. ... In the next few days there will be one meeting of European leaders after another, not only to forestall the impending bank disaster, but also to find a global answer to the sovereign debt crisis: a meeting of the ECB took place in Berlin on Thursday, the Franco-German summit is slated for Sunday - also in Berlin - and the European Council will meet on October 17th and 18th. This time around the governments of Europe seem determined to avoid the cacophony of autumn 2008."

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