A gentle sigh of relief is audible in Europe. The worst of the financial crisis seems to have passed. The first glimmers of economic recovery are visible in Germany and France. The European Central Bank has – in the eyes of many finance officials – emerged from its first big institutional stress test with its credibility enhanced. And there is a growing conviction that European policymakers, for so long divided about the virtues and vices of the free market and state intervention, are converging on a new balanced consensus.
More online
