The economy’s performance both over the near term and in the longer run will depend importantly on the course of fiscal policy. The challenge for the Congress and the Administration is to put the federal budget on a sustainable long-run path that promotes economic growth and stability without unnecessarily impeding the current recovery.
  And fourth, the cross-boarder character of the crisis means that we also have to ensure close cooperation between national supervisors. BIS Review 29/2010  1  To put it another way: there is more to a crisis than the microeconomic level, and there is certainly more to it than the national level.