Europe's financial regulators have held a "war game" exercise, simulating a continent-wide financial crisis, amid fears they are ill- prepared to stop a problem in one country spreading across borders.
The exercise involved simulating the collapse of a big bank with operations in several large countries to see whether the European Central Bank, national central banks and finance ministries could work together to contain the crisis.
I'm glad to see that they are at least 'war gaming' the possibility of financial crisis. What is scary is that many of the individual state economies in Europe are ill, and if a crisis were to develop in one, it is easy to see it cascade into the others. If Europe crashes, I'm not sure that the American consumer and economy will be able to prop up the global economy.
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