It's a reasonable question and one which many were asking themselves on Friday in the wake of the disappointing US jobs data. There was also an expectation of some statement from EU and/or G7 leaders over the weekend to offer reassurance to markets. As it was, there was nothing of substance, with the result that Asian equities were down over 2% today, with the fall in Chinese stocks the biggest for two months. The latest PMI data for the services industry showed a further modest slowdown in China. So looking around the world economy, there are currently few signs of decent momentum, either in the emerging or developed world. Still, if the German newspaper Welt-am-Sonntag it to be believed, EU leaders are drawing up a crisis plan to be ready by the end of the month. This reportedly contains many of the measures (integrated budget policy, banking union, and political union) at which many member states, notably Germany, have balked at in the past. But the truth is that we are at the point where bold measures will have to be taken if the euro is to stand a chance of staying intact. Incremental, compromised and late initiatives have failed spectacularly.