Hence, in this context, the distinct preference for stability, on the part of some developing countries needs to be appreciated. Such a preference towards stability also argues for managing their capital account regime.
This will indeed require national efforts, but more is needed: an integrated European-wide capital market, with harmonised and SMEfriendly rules. In other words, a CMU. The second question is: can we consider a European CMU a realistic project? This time my answer is much more doubtful.