Action will need to follow words before long

Two weeks after Mario Draghi’s pledge to do whatever it takes to save the euro, his words have still not been followed by actions. Indeed, an impasse appears to have ensued in which the major players in the crisis are all waiting on each other to act before being prepared to do so themselves. The good news is that the obstacles to some form of co-operative action do not look insurmountable. The bigger worry, though, is that the actions will simply not be anywhere near substantial enough to prevent the crisis from continuing to deepen.