For that matter, it has not done much to promote even short-term stability in the region.
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That would make the immediate threat of liquidation go away and provide some short-term stability, but it would also trigger an automatic 10-point penalty from the Football League, with the prospect of further sanctions to come.
Although liquidity crises are short-term emergencies and macroeconomic stability is a medium-term goal, locked credit markets soon have wider economic effects.
Instead, America needs to get its macro-medicine right, in particular by committing itself to medium-term fiscal and monetary stability without excessive short-term tightening.
But while short-term military success may come relatively quickly, building long-term peace and stability will not be easy.
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Private-sector jobs generate more income in the short term whereas public-sector jobs provide a minimal amount of financial stability in the long term.
On Tuesday, he said the Fed would consider extending its direct lending window to Wall Street companies (aka, primary dealers typically not allowed to borrow directly from the Fed) beyond a mid-September deadline to promote stability, as long as short-term debt markets continue to be severely constrained by the credit crisis.
Paradoxically, that is tribute to Mexico's new-found economic stability: it has been a haven for short-term capital fleeing problems in Argentina and Brazil.
The credit rating agency referenced the December 3 offer by the Greek government to private investors to participate in a Dutch auction to exchange their sovereign bonds for short-term paper issued by the European Financial Stability Facility (EFSF).
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Investors feel more comfortable with the stability of ultra-short term investments while ignoring the long-term effect of inflation.
To limit contagion, the leaders gave enlarged powers to the European Financial Stability Facility (EFSF) to extend short-term loans, recapitalise banks and buy bonds of troubled sovereigns in the markets.
Whatever the merits of the stability pact as a long-term policy tool, its short-term impact is now perverse.
IMF, point favourably to Chile as a country whose financial stability may come, in part, from its restrictions on short-term capital inflows.
But, short-term, her agreement to stand by a more ambitious version of the European Financial Stability Facility (EFSF) could do the same job.
The European Financial Stability Facility announced an expanded funding profile Wednesday, with plans to start selling short-term paper with three-, six- and 12-month maturities.
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