As a result, all nations have been adjusting to the new reality of heightened international competition and to the accompanying substantial shifts in the location of production of many goods. Such shifts have not been limited merely to the diversion of the production of goods requiring unsophisticated techniques to the developing countries.
In total, this toolbox – I firmly believe – makes our financial system much more stable. Other proposals presented today go even further. Their common denominator, however, is that the causes of the financial crisis can supposedly be eliminated only by even more radical approaches.