Europe Coordinates

The ECB, Bank of England, and Swedish Riksbank all slashed interest rates today. The Bank of England's rate is now the lowest since 1951, and matched with the lowest rate in its 314-year history. Sweden dropped its rate by a record 175 basis points. France announced a stimulus plan.

The effectiveness of these actions is still to be determined, of course. But greater coordination by central banks and governments will be necessary to get the global economy moving again. These sorts of actions are a step in the right direction.