COMMENT From Dr Nicholas Fawcett.
Sir, The co-ordinated rescue package set out by governments this week marks a welcome development in the policy fight against the credit crunch. The cost of acting now is substantial - historical analysis of previous crises by the International Monetary Fund suggests an average cost of 13 per cent of gross domestic product (“Bank bail-out”, Lex, October 14), but the costs of delay and inaction would almost certainly have been greater.
