We must acknowledge this and thank them for it. The institutions themselves accepted that the magnitude of the crisis was such that it could not be addressed by any of the actors acting alone.
The European Bank Coordination initiative started just a little over a year ago as an ad hoc effort to stabilize the flow of funds to a few economies in Central and Eastern Europe. It has now attained the stature of a successful coordinating mechanism, which is worth keeping and, when appropriate, replicating in other parts of the world.