Markets are rallying around the world today.
The main culprit: European Commission President Barroso has made comments about coordinated action to recapitalize the banks.
This is of course what’s made the market go nuts for a couple of days, now, and leaders talking more and more about this in public (rather than through backchannel leaks via the FT) is driving optimism.
Still, as always, the legwork on any big project seems huge. Not clear at all that anything can be put into practice.