As of January next year, he will participate actively in the monetary policy-making of the world’s second largest economy. This shows that, in an era in which nation states are closely interlinked, sharing sovereignty means gaining sovereignty.
It is true that there are indeed excesses which are not acceptable anymore, and these have to be dealt with. At the same time, we should refrain from overreacting and take care to not implement measures which we have not fully thought through. Beside all these new regulatory measures we have realised that there is also an urgent need for closer international supervisory cooperation.