Central Banks would have little power to stop a new crash, but is this a crash?
Mario Draghi has a way with words. Famously, the president of the European Central Bank (ECB) said that he would do "whatever it takes" to save the Euro back in 2012, and so it proved.
Nobody can say that about the world economy today.
The gyrations in the global stock market over the past three weeks hit the main stream yesterday, with markets crashing across the world. The Dow Jones Industrial Average fell 1,000 points at one point - an unprecedented move - before recovering. The ISEQ Index in Dublin had its worst single day in five years.