Secondly, the fact that the global financial system and the global economy are now deeply integrated and are pertinent entities of their own, this calls for an equivalent appropriate concept of global governance. In this respect, the crisis has been revealing. Extremely bold changes that seemed unthinkable have been triggered by the intensification of the crisis in mid-September 2008.
It is imperative that all institutions, governments, central banks and parties concerned do what they can to make the new constellation of global governance work exemplary. Thirdly, the central issue for executive branches is that, even if the pertinent entity is the integrated global economic and financial system, major decisions have to be taken at the level of individual countries.