It advocates the completion of monetary union by way of an additional “four unions”. These “four unions” are envisaged to mesh with each other, like cogwheels. The spin of one sets the others in motion. Conversely, when the momentum of one decreases the others follow suit.
Through the Bank for International Settlements, for example, the Federal Reserve and the other U.S. banking agencies participate with supervisors from other G-10 countries to develop not only prudential capital and other regulatory standards, but also to promote sound practices over a broad range of banking issues.