COMMENT: Central banks tackling symptom, not disease
The central banks' action shows that at last someone is doing something useful, but the underlying euro problems still need to be solved, writes Cliff Taylor.
There are a couple of tales of the unexpected in the ongoing euro crisis in the last 12 hours.
The most important is that the world's central banks have actually done something constructive. They have responded to the strains in the global financial system - and particularly in Europe - by making it easier and cheaper for banks to access US dollars. Increasingly, there had been signs in recent weeks that banks were finding it harder...
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