We have a light hearted question in our region which asks: why did God choose to send the prophets of all three religions to the Middle East? And the answer is: it was impossible to get them a Schengen visa. Divine wisdom aside, protectionism, in its broadest sense, continues to be a major challenge to global coordination.
3  S. O’Malia, “No Answer Yet to Cross-Border Concerns”, International Swaps and Derivatives Association, 11 May 2015. BIS central bankers’ speeches  1  border activity in this area is still robust, one study finds that regulatory changes can explain roughly half of the drop in cross-border claims since before the crisis.