Impact of the global financial meltdown on Nigeria  3.1  Impact on the Nigerian economy  It is by now very clear that Nigeria was not insulated from the crisis, especially the second round effect.
Where credibility can still be improved, however, is at the level of enforcement. A number of ideas have been put forward in this context, including that of endowing a European Commissioner with the power to intervene in national budgets.2 Each of these options raises its own set of issues, not least the clear-cut need for strong political legitimacy of any form of control.