More importantly, the costs of generating information are private, while the benefits are dispersed across all potential users, resulting in a tendency to under-supply. This under provision of information, as you would all know, was a key factor behind the build-up of financial imbalances and contributed to the enormity of the Asian crisis.
I would therefore suggest establishing some kind of “Masterplan”, a roadmap towards a European System of Banking Supervisors with defined milestones and timelines. Necessity of coordinated stimulus packages •  The financial crisis has become an economic crisis. Consumer confidence is rapidly decreasing, and growth forecasts for industrialized countries have been revised downwards several times during the last weeks.