The Fed will look for signs that its moves have stopped the contagion. Officials are not expecting any quick recovery in credit market conditions, or in broad market confidence.

The exiting Banks have made tidy profits in the process, while plans for the Western 'experts' to share technology and know-how now look like so many other promises made during the credit bubble.

You can look at the entire cement sector, the entire steel sector, and it is also more ambitious for the environment because you no longer credit every reduction but only reductions beyond a baseline.