The expansionary monetary policies pursued by Japan as well as the U.S. and European nations have thus far not been accompanied by fiscal reforms required to halt deficits and the accumulation of debt, or the fundamental structural reforms required in labor and capital markets to restore long term economic growth.
The success of the ECB in taming the markets has also raised concerns that Madrid may now ease off on the spending cuts and labour market reforms that are still thought to be necessary to restore long-term economic health.
The next is to convince foreign banks to restore their short-term credit lines to Brazil.
The recovery plan and the financial stability plan are the immediate steps we're taking to revive our economy in the short term, but the only way to fully restore America's economic strength is to make the long-term investments that will lead to new jobs, new industries, and a renewed ability to compete with the rest of the world.
But the financial measures are designed to restore stability so that the longer term structural issues can be resolved.
Whether Mr Thain can restore Merrill's fortunes over the longer term is a bigger question.
Both REITs say they needed to retain more cash flow to deal with short-term problems, and they hope to restore their dividends to the old levels.
As the press conference made clear, government action to restore their public finances - both short and long term, national and eurozone-wide - is still the top priority - for the ECB as for Germany.
Some fear that even if the Fed did ease monetary policy to restore order, lingering inflation fears would push up long-term rates, compounding America's mortgage mess.
Private-sector wage cuts needed to restore Greece's competitiveness will make things worse in the short term.
But the only way to fully restore America's economic strength is to make the long-term investments that will lead to new jobs, new industries, and a renewed ability to compete with the rest of the world.
"Richard and I stated when we bought the course five years ago that our intentions were to restore Ayr to its former glory and to ensure a long-term sustainable future as Scotland's only grade one track, " said Macdonald.
Michigan state Rep. Brandon Dillon, a Grand Rapids Democrat, said the money should instead be used to restore school funding, which was cut early in the governor's term, despite severe crowding in schools.
"He has said he will take a long-term view, about five to 10 years, and is keen to restore it, " said Garry Best of Best Properties, who handled the sale.
Now, it is true that the European Central Bank's deeds and words over the past year - the provision of emergency longer-term loans to eurozone banks and an offer of support to governments with clear plans to restore financial credibility - has staunched the worrying drain of funds out of Spanish and Italian banks.
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