Vanishing patience

Worldwide financial panic and a rising tide of anger on both sides of the Atlantic indicate that public faith in a lasting global recovery is wearing out faster than expected. Therefore, policymakers from Europe and the United States can no longer avoid taking their fundamental economic and financial problems by the horns.

The annual meetings of the International Monetary Fund (IMF) and World Bank in Washington is a chance the international community has got to review the progress made, if any, in fighting the global slowdown. More importantly, it is time to drive home a badly needed sense of urgency among global policymakers that a double dip would become imminent if they do not do enough to stimulate real and sustainable growth.

On Thursday, stocks plunged about 5 percent across Europe and more than 3 percent in the US. Though the situation in developing markets is better, they are showing high levels of stress.