Moreover, deterioration in banks' balance sheets caused by insider lending or excessive risk-  3  A discussion of how the costs of doing business vary across a number of countries is in World Bank (2005)  4  Research finds that increases in corruption are associated with lower growth (for example, Mauro, 1995).
All standards used in practice so far (e.g. the gold standard) have run up against criticism, as have approaches which have not left the drawing board (for example, an index currency, or a commodity-reserve-currency). Therefore, for good reasons, this path was not embarked on for EMU. If no standard is established which precludes all scope for action, then the persons who act also matter.