EU economists demand systemic response

A group of Europe's most prominent economists on Thursday urged Brussels to re-capitalise the continent's battered banking sector or risk the crisis spiralling out of control.

"Europe is in the midst of a once-in-a-lifetime crisis. Every European knows what happened when financial markets seized up in the 1930s," said the group of ten economists on Vox.eu, an economics blog. "It is not an exaggeration to say that it could happen again if governments fail to act."

The economists added: "Turmoi