The basis for the current international economic system – and it is a system – was designed by the victors of World War II. The implications of the rise of Asia and of emerging market countries for the international financial system will be at the center of attention at the meetings of the IMF and World Bank in Singapore next month.
•  The principle of liability is also important with regard to the establishment of a European banking union, which is currently the subject of heated debate. The main task of the single resolution mechanism that is currently being developed is to ensure the correct sequence of liability.