BIS Review 142/2008  1  Moreover, there is an “interdependence of international orders”, suggesting that these principles should be adhered to around the globe. At the time of writing his book, Eucken could not foresee the recent wave of globalisation and rapid financial market integration, which has reinforced the need to account for this international interdependence.
It is worthwhile examining a persistent characteristic during these years, indicative of these considerations: shares of European banks have been trading at a discount to tangible book value, while those of the largest US banks trade at a premium to book value.