If the Fed is too jittery about the American economy, the European Central Bank (ECB) is too docile about the European Union’s economy. Most of the commentators in Germany, the Union’s flagship, are rather cool about the future: “Recession, what recession?” And they are quite sure the world is neatly put together: “Finance is one thing, but industry is something entirely different!” These views seem to emanate from Frankfurt, the ECB’s seat. You are therefore right to warn about troubles that now lurk (“Danger Ahead for the Mighty Euro,” April 12, 2008). Disdaining the Fed’s monkey business, the ECB is more than likely to wait much too long for a response to the serious possibility of a global recession. In the event, the still mighty euro might tumble to more precipitous depths than if the fall were carefully prepared ahead of time. If only the Fed and the ECB put their heads together in managing the world economy!