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Thanks to the Bank it’s a crisis; in the eurozone it’s a total catastrophe

By Ambrose Evans-Pritchard @ The Telegraph
Last Updated: 8:02PM GMT 08 Mar 2009

The Bank of England may have averted a catastrophe. If ever there was a time when this country needed its own monetary authorities – acting with wartime urgency – this is the moment.

Those nations with fossilised or timid central banks clinging to outdated ideologies are not so lucky. Even less lucky are those such as Spain and Ireland that have surrendered policy to a body that is deaf to their pleas and constitutionally obliged to ignore the welfare of their particular societies. They face crucifixion.  Link to article

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