written by Angela Knight on 27/02/2009I think most of us will be saying this! Reflecting on the news yesterday, the row over Fred Goodwin's pension pot and what was the nature of any agreement on this will continue to dominate for some time and will resonate for much longer. Of more lasting substance though is the announcement of the second loss insurance that RBS has taken out against some asset portfolios. This is the key to cutting what has become know as the -feedback loop' between the financial sector and the real economy. Instead of having to reserve capital on a -just in case' basis, RBS will be able not only to continue to lend but also to lend considerably more. And despite much talk in other countries, the evidence shows unquestionably that all the major countries of Europe have the same issues as the UK. Their banks have both the structured products that are at the root of the problem and the declining asset values brought about by economic recession. So the UK has owned up and provided a template which I will be sending to all my counterparts in the other European countries. Our economy and their economies are intertwined. Switzerland is getting on with reconstruction and, by virtue of its bank going bust, so is Brussels. Ireland is doing its bit on stability and the Netherlands has taken a stake in ING and is seeking to reconstruct -new ABN'. Parking national pride is not easy and getting on with the job of reconstruction is difficult and expensive â€“ but it is essential for all EU countries and delay will make it harder rather than easier. So as the next few days will no doubt be wall-to-wall pensions, pay and who said what to whom and where, with jobs and losses running a strong second place, the real story is in the details of the asset protection scheme. Breaking the downward spiral here and elsewhere really would make it TGI Friday and TGI Monday/Tuesday/Wednesday/Thursday as well.