Reaction to the efforts of central banks from around the world, notably spearheaded by the U.S. Federal Reserve, have been mixed. Some of NACM's top sources on the global economy weighed in as follows:

Freddy van den Spiegel, of BNP Paribas Fortis: "It will certainly reduce somewhat the threatening shortage of dollars in the EU banking system. But it is not a solution to the fundamental challenges --deleverage, compliance to Basel III, digesting of the souvereign crisis, strengthening the political framework of the union and preparation. In other words it is welcome but not enough.

Ken Goldstein, The Conference Board: "Markets love it, until tomorrow. This week’s solution solves this week’s crisis. Next week? The real issues are with the euro:

• Does everybody stay
• Will there be a split, essentially euro A and euro B
• Will they go to euro bonds
• Will they tighten and unify fiscal policy
• Can they get everyone over there to buy in

And, until there are answers to these questions, this Perils of Pauline will continue to deliver riveting episodes."

Chris Kuehl, PhD, NACM and Armada Corporate Intelligence: "By itself, this action does not really change all that much. The banks are still facing the limitations that come with central banking. All that really can be done to boost the economy with the tools at their disposal is to encourage behavior by making loans cheaper and making money more fluid. It has been referred to as “pushing a string” in the sense that these actions only make doing something easier. It doesn’t mean that business will borrow or that consumers will spend."

Compiled by: Brian Shappell, NACM staff writer