Benedict Brogan: Global move by top central banks a defining moment that will save Europe
EVERYONE is scrambling to understand the significance of this surprise announcement from the major central banks, namely that they are making unlimited amounts of cheap dollars available to troubled institutions.
It looks like they have decided to tell the markets that no banks will be allowed to fail, by offering themselves as a sort of super-guarantor, a global bank of last resort.
There's a big sigh of relief going round the bourses. London, Frankfurt, Paris etc bounced up on the news. New York has opened up nearly 3pc, the FTSE is up by more than 3pc (and by more than 7pc over the week).