Seen from this angle, the situation has hardly changed since monetary union was launched. All that remains, then, is to stabilise the building we have, focusing our renovation efforts on the current supporting structures. This means, first, strengthening the common set of rules.
Starting from cooperation between governments, we can extend practical cooperation to privately run financial institutions which will no doubt create a locomotive effect in establishing a holistic and multi-level cooperation network. Today, we are facing the threat of economic recession arising from systemic risks in certain credit markets. One thing for sure, countries involved in the process of globalization must have felt the pinch.