Summer Heat Flummoxes World's Central Banks

The summer heat seems to be addling economic brains on both sides of the Atlantic.  Let’s look at Europe first. As the economic crisis in Europe has deepened, there have been periodic calls for the European Central Bank  (ECB) to become a “real lender of last resort”.  The people advocating this do not seem to understand what a lender of last resort is supposed to do. . .