The ratios of exports to GDP stand at only around 10 and 13 percent respectively in the U.S. and Japan, but in Korea reaches nearly 50 percent. We should note that stability in the international economic environment achieved through global cooperation is all the more important for the Korean economy, whose growth is so heavily dependent upon external conditions.
Authorities in Ireland were also compelled to institute blanket guarantee schemes for virtually all bank liabilities, amid fears that the entire Irish banking sector was about to fail. Moreover, the collapse of Lehman Brothers highlighted the importance and urgency of establishing a legal framework for dealing effectively with resolution of cross-border financial entities.