An important thing that the financial turmoil has demonstrated is that national degrees of trust, transparency and cooperation have not yet been replicated on an international, global level. This includes the existence of appropriate supervisory structures. Overall, we face the challenge to create the same seamlessly functioning financial system and market infrastructures on a supranational level that we have already today at national levels.
This situation is contrary to what is generally happening in advanced countries, where every building and every piece of land is legally documented, which essentially activates that asset as a resource to potentially participate in economic activities.