European banks' saga

--in Aug, some European banks hoped ECB could address credit crunch via US-Euro currency swaps because few participants were willing to swap US. --Now, the coordinated effort will implement the swap in a longer time frame than banks asked for. --The saga suggested that a.ECB was behind the curve in this credit tale b.centeral banks are more creative in their approach: collective action is necessary in an integrated financial system and crises can flit around the world at lightening speed. --not only can investors flit across natiional borders at growing ease, but financial institutions can straddle currency regions and markets to an extraordinary degree.