Even these central banks have not totally foresworn intervention; rather they reserve the right to intervene if market conditions become disorderly, or in other extreme or emergency situations. If they intended  9  The early work on targets and instruments suggested the need for as many instruments as targets.
Progress of regional cooperation Amid globalization, it is worth noting that we have also witnessed a clear trend toward regionalism or regional cooperation in various parts of the world. These movements toward promoting regional cooperation have taken due account of trade and financial relations. For example, in Europe, the introduction of the euro and the expansion of the EU.