The usually unruffled Axel Weber of the Bundesbank says coordinated European action is needed to fight market turmoil. His counterpart at the finance ministry, Herr Steinbrueck says that he sees downside risks for the German economy and no second round effects of inflation in his economy. He gleefully notes an erosion of American financial power and sees the world financial system using four main currencies: the dollar, euro, yen and yuan.
On the TARP package, it looks as though the deal is all but done and dusted. McCain and Obama can have their photo op and then get back to the campaign trail.
