No mistake who was the star at the central bankers' meet at Jackson Hole. It was neither Ben Bernanke, the Fed chief, nor Trichet, the president of the ECB. It was Christian Lagarde, the former French minister and now head of the IMF.
Most economists think that all policy bolts have been shot in the present crisis. They have become classical economists for now: sit back and watch while economies slowly get back to normal. Naturo-therapy for economies, if you like. But this may be just wishful thinking. Not doing anything could cause the bottom to fall from the global economy.
Lagarde alone had some concrete prescriptions to offer. Although a European, she didn't hesitate to call a spade a bloody shovel when it came to Europe's banking sector. More in my ET column, IMF's bold recipe for recovery.
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