Besides these factors, the worldwide trend reduction in long-term yields presumably reflects an excess of intended saving over intended investment. Since the mid-1990s, worldwide saving has been boosted by a significant increase in the share of world output produced by economies with persistently above-average saving-predominantly the emerging economies of Asia.
This far-reaching institutional innovation will require an organizational adaptation as significant as, and even more complex than, the one leading to the single monetary policy. The project must capitalize on the best national practices; it must aim to achieve a common system of supervisory rules and practices ensuring pursuit of high and strict standards.