Not long ago, the acquisition of Swiss banking giant Credit Suisse by UBS would have been unthinkable. Now, it is happening at speed to prevent the unbearable.
The financial panic that began with the failure of two American banks has, like 15 years before, spread to Europe. While the action taken by Swiss authorities to put this deal together demonstrates that governments and central banks have learned some of the lessons of the global financial crisis, it also underlines the scale of the threat.
