Europe and the World’s Economic Governance: The Monetary and Financial Perspective
18 Pages Posted: 13 Feb 2011
Date Written: February 1, 2011
The international financial crisis that started in 2007 was much more than an accident caused by undisciplined financial innovations. It was a major failure of global economic governance. “The globalization of finance and monetary systems has excessively prolonged the duration of unsustainable trends which a different form of governance could have resolved far earlier and far more painlessly. The term ‘subprime crisis’ is as much as an understatement as it would be to call World War I ‘the Archduke’s War’ “. The need to “govern” the world economy with strong forms of international cooperation has become much more evident.
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