Isn't the relevant debate on the level of the nation states?
And there of course I think most of us follow our national gov'ts dealing with the crisis. Or do you think this comment is a realistic description of what most EU nations do?
I don't think so. While I'm not happy with happened so far in Germany, I don't see something that stupid happen as described in the diary, which would give the money to the corporations leaving even the shareholders unimpaired. More over the KfW is now rather active to make new lending on behalf of the federal gov't, which come most closely to 'good bank' proposal to what I have seen so far, and which is my favourite solution.

So overall I would give my national politicians a 'C' for handling the crisis, while Geithner is in for an 'F', as well because of a partially misdirected stimulus.

Another reason why it is reasonable to focus on US policy is, because if they would find a good handle on the crisis, it would very likely be copied here - while a good approach on the national European level won't be copied in the US.

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers