The IMF and World Bank meetings in Washington brought more verbiage about governments' commitment to growth and to austere fiscal policy. Fortunately, by the end of the meetings, it looks like the world assemblage of economic policy-makers and financiers also managed to convince European policy-makers that they don't have until they met again in November to get a grip on the crisis that sent markets into another tailspin last week.
That Europe's leaders realize markets don't operate at the same ponderous pace as building a political consensus often requires is a positive step. One can only hope that a sense of urgency will enable Europe to sidestep the financial meltdown towards which it is otherwise headed.
Meanwhile, volatility will be the norm and the peso will remain closer to $14 than the below $12 levels we'd seen just a few months ago.
That Europe's leaders realize markets don't operate at the same ponderous pace as building a political consensus often requires is a positive step. One can only hope that a sense of urgency will enable Europe to sidestep the financial meltdown towards which it is otherwise headed.
Meanwhile, volatility will be the norm and the peso will remain closer to $14 than the below $12 levels we'd seen just a few months ago.
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