For example, we consider that companies are not only financial assets; companies are also corporate citizens that give jobs to people and pay taxes to buy public goods. We consider that the fair value could be extremely destabilizing for the financial system, because it would favor erratic results and procyclical behaviour by banks.
The current sovereign debt crisis and its background serve as a strong reminder both of the limits and pitfalls of supranational economic policy cooperation and of the disciplinary effect of market signals, incomplete though that effect may have been prior to the crisis. At institutional level, considerable progress has been made since the outbreak of the crisis.