Secondly, and because of the first, there has been a perceptible shift in power from nation states represented by their ministries of finance, tax authorities and central banks to the participants in international and national financial and equity markets, namely, pension funds, trust funds, hedge funds, large financial conglomerates and bond holders.
The accountability of recently created European institutions is a good example in this regard where we must ask ourselves if the intrinsic goal of preserving financial stability is being superseded by a strict auto-protective instinct that triggers another interpretation of their mandate.