Tommaso observed that one of the causes of the Great Financial Crisis was the failure of national governments to properly rein in market forces, which were fast becoming global in nature.
He saw that the increase in cross-border financial activities required a corresponding increase in the provision of basic facilities or services – supporting or facilitating those activities – including prudent regulation and supervision from a cross-border perspective. Nevertheless, the supply of such facilities or services was deficient or lacking because national governments inherently could not provide for them.