The three-month Libor is at 3.77%, according to UBS, and the difference between that and the overnight rate suggests "interbank lending is broken, " said William O'Donnell, the head of U.S. interest rate strategy at UBS. Rather than extend credit for longer than overnight, banks appear to be hoarding cash.

FORBES: Credit Crisis

There would, on the other hand, be a useful fall in interest rates, because investors would no longer demand a premium for the risk that the exchange-rate peg would be broken.

ECONOMIST: The ECB heads for turbulence

It's widely recognized to have broken the back of the recession, to have reversed the situation where we were losing jobs at a rate of 750, 000 per month to one where we've created over 4.2 million private sector jobs.

WHITEHOUSE: Press Briefing