Last week was one big build-up to a supposedly massive new bail-out package that would span bank recapitalization, sovereign debt purchases and other measures.

FORBES: Europe's Message Control Mess

We now know there was at least one big problem with this narrow approach: it encouraged the Bank of England to ignore a lot of other important stuff such as rising asset prices and the build-up of huge debts within the banking system, which weren't causing inflation but turned out to pose a massive threat to our economic stability.

BBC: A new target for the Bank of England?