Will monetary policy-makers get it right this time?

The IMF step in, along with central banks across the globe, after billions have been wiped off share values in recent days as problems with the US mortgage market contaminate global stock markets. The BBC’s business editor might have allowed himself a hollow chuckle, but I’m not convinced that’s an appropriate response. There are various attempts at explaining the problem in the media, from David McWilliams’ perhaps over-simplified version, through to the overly-technical one noted by John Naughton.. who also points to something in-between. Update As the markets appear to steady, the BBC’s economic editor asks whether the right lessons will be learned?