
Editorial
The Bank for International Settlements may be low-profile, but it is prestigious. It exists to provide services for central banks. Its report of June 28th on the international financial and economic crisis includes daunting chapter headings such as ‘From the emergency room to intensive care’.
The first phase of the crisis prompted, in many countries, massive public bail-outs of the financial sector, in order to avoid economic chaos. We may suppose this to have been unavoidable. Now the full cost of these measures has begun to be felt as many governments face grimly unpalatable alternatives. Continue reading


















