It was a busy weekend for euro-crisis observers. Mario Draghi, an Italian member of the
European Central Bank, was finally appointed as its new President; Mervyn King, Governor of the Bank of England, acknowledged that the European sovereign debt crisis is a 'material threat' to
British banks; David Cameron announced that Sir Jon Cunliffe, a Treasury civil servant, will be the UK's next ambassador to the EU; and, according to reports, French banks have laid plans for a 'Brady bonds'-style solution to Greece's troubles.
In the short run, the last of these will be the most important. Named after US Treasury Secretary Nicholas Brady, the innovative Brady Bonds programme helped solve the 1980s Latin American debt