The crisis cannot be overcome without a recovery in the growth of the world economy supported by the domestic demand of the developed countries, as called for by the G7 at its meeting last October.
BIS Review 14/1999  – 10 –  In that forum a start was also made on studies and actions aimed at reforming the working of the international monetary system. The creation of a European currency common to 11 countries is a major event for the stability of world finance.