G7: action stations

The G7 calls it an action plan. Well, let’s see the action then. The group of leading finance minister and central bank governors have produced an admirable five-point plan for resolving the financial crisis. This even includes a welcome commitment to transparency in the valuation of assets - as well as promises to stop big banks failing, unfreeze funding markets and recapitalise the industry. But so far we have only seen the plan, not the action. Even the UK, which is furthest advanced in its t...