They have already tried to find some practical answers to these challenges. These answers are based on the principles of national responsibility, transnational co-operation and the close involvement of central banks into the supervision of the banking system. Clearly, many issues in this process are still open and need further discussion.
Now, if we apply the principle of trust that is behind those lessons to our international financial institutions, we can get some idea of how these institutions might evolve to better work for the global economy. Game theorists will tell you that the best results come when the players see each other’s behaviour and learn from it. Put simply, actions speak louder than words.