What a difference a week makes. With their coordinated response to the international banking crisis, European governments followed by the U.S. appear to have calmed a worldwide market panic and eased fears of a devastating series of bank collapses. Investors from Tokyo to Tunis immediately sent stock prices shooting up again after a week of historic losses. But it's still far too early to celebrate. The measures need to prove their effectiveness by unfreezing lending. And there's still the huge challenge no less urgent than fixing the banking system of preventing an economic...
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