High cost of inaction

THREE YEARS AGO THIS MONTH, THE COLLAPSE of Lehman Brothers caught most investors around the world off guard before galvanizing the international community into unprecedented joint efforts to deal with the worst global financial and economic crisis in more than 70 years.

Now, in the face of a looming double-dip global recession, will fears over a possible banking crisis of similar severity from Europe do the same?

It will be a pity if it takes such a crisis to create the political will for European countries to take the necessary actions to stem their government debt crises.