The European Central Banks, I hope, will follow the Fed's lead and act as a group, collectively and cooperatively to provide some additional resources and some additional signs of concern to the global financial markets. Somebody has to play that role. And I applaud the Fed for taking the step today. My view is that by itself the Fed cannot do all the heavy lifting. It can help around the edges, by making a little bit more liquidity available, by calming investors' concerns.
Money is cheaper.
The terms are easier. But I suspect, however, that bringing stability to South America probably will also entail help from the IMF, maybe in coordination with the United States Treasury, I wouldn't be surprised after the upcoming elections in Brazil later this week, that you see such an announcement. The Fed's move today I think should be thought of as part of a larger effort to stabilize that region of the world. And this is the little bit that the Fed can do to help. They now will get some relief, and, in fact, the Bank of Canada was able to cut interest rates finally today.