The G7 are scrambling, they all know the problem but none of them have any solutions, the US wants QE3 and the ECB wants someone to take the medecine. Some tough love is going to be dealt to the likes of Greece/Italy etc etc.
The G7 talk is only a media bandaide and a poor one at that, im leaning more towards your theory of decent falls are ahead, the head economist for the ECB resigned because he can obviously see the writing is on the wall.
