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That allowed for a "diabolical loop" to develop in which falling confidence in banks reinforced falling confidence in sovereigns which reinforced falling confidence in banks.
The falling confidence may however be having an impact.
Across the euro zone, sectors ranging from industry to retail trade showed falling confidence.
At 29, many years of falling confidence had taken their toll.
The decline, it said, "was driven by falling confidence in all business sectors, especially in industry and retail trade".
Not only could falling confidence prick the housing bubble, but flatter house prices would themselves hurt consumer spending.
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If Merrill fell, confidence would drain away.
In addition, falls confidence will be measured every 12 weeks from study commencement using the Modified Falls Efficacy Scale [ 20].
A secondary associated outcome is the cost utility of exercise physiologists together with community activity involvement, dialysis exercise adequacy, falls and falls confidence, medication use, biochemical measures and morbidity.
Pessimists point to weakness in the stockmarket, widespread layoffs and falling consumer confidence.
The statistics showed that unemployment claims were rising, consumer spending was falling and confidence was plummeting.
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