From my friend (and yes, I have a lot of them!) Michael Lewitt, writing in El Mundo (this is the English version :-) ) "Three years ago, on September 15, 2008, Lehman Brothers filed for bankruptcy and threw the global financial system into a period of instability from which it has yet to recover. The fact that the three year anniversary of Lehman’s collapse was marked by an announcement by the world’s central banks that they are extending unlimited support to European banks is clear evidence that the crisis has not passed. It is normally the case that dramatic actions by economic authorities signal that a crisis is worsening, not that it is going to be solved. The central banks are drawing a Maginot Line against further economic stability. Their action may appear bold and effective on the surface, but in the end their efforts are bound to prove ineffective if not accompanied by dramatic fiscal reform by the individual members of the EU."