“Calm and orderly” decision-making? Hardly. Now that we finally have details of the government’s leaked plan, how does it look? The good news is that it is comprehensive, dealing with the banks’ liquidity, capital and funding crises. In that sense, it is bolder than the US bail-out.

On liquidity, the Bank of England has not just opened the spigot, it has flooded the place, doubling the size of a liquidity scheme and broadening the range of acceptable collateral.