As Europe and the United States enter an eagerly awaited summer, some observers appear willing to call an end to the credit crisis that has gripped the industrialised economies since August last year. These calls are premature.

Just recently, central bankers have played their part in creating the impression that the bottom of the crisis is now behind us. The Bank of England's latest Financial Stability Report, published on 1 May, represents the boldest assertion yet by a leading central bank to