I believe that those who argue for the benefits of having a country open to global banking may have the better of the argument. We know, however, that whether foreign banks are a source of stability or fragility depends very much on the market, banking and supervisory environments that they find in the host country.
Last week, Europe’s leaders agreed to reduce demand for Russian fossil fuels and bolster our energy security by diversifying liquefied natural gas (LNG) supplies and investing more in clean energies. 3/5  BIS central bankers' speeches  This is clearly desirable, but it will create some costs during the transition.