Two of the world’s largest economies are expected to follow with the creation of an additional card scheme: namely Russia and India. So why not follow these examples and establish an additional card scheme? Let me reiterate the importance of the international schemes currently present in Europe.
Indeed, seen through this lens, financial crises can be viewed as a kind of “safety valve of last resort”, a catalyst for needed structural adjustments. It would be better, of course, if market participants and policy makers rather acted to ensure that restructuring occurred in a speedy and orderly way without activating such extreme mechanisms. III.