Trichet and the rest of the ECB continue to stammer and flail about without any real credible action. Swift, decisive action is needed and the EU/ECB/Brussels culture is diametrically opposed to such measures. It is amazing to me that, with all the technocrats in Brussels and throughout the EU, this type of scenario has not even been imagined nor a contingency plan formulated.
It is also history's accident that someone so close to the French establishment is head of the ECB and I cannot help but think Trichet will not act entirely in accordance with the collective will of the EU. France seems to know what is coming and is preparing.
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