Mergers and close cooperation are inevitable if one wishes to approach the ideal of the perfect market by means of pooling liquidity and lowering transaction costs. The Deutsche Börse AG recognised that fact at an early stage and took the lead in that development.
I am articulating this idea not necessarily in search of a theory but in search of traction with domain experts and more particularly, with practitioner central bankers who face these dilemmas in their day-to-day lives. 8. At another level, a formidable challenge that EMEs will continue to face is the management of global spillovers.