Both are likely to have day to day information which is relevant in a crisis, and both will also have control of tools which can be used to handle the problem. At the same time, the number of participants would probably need to be smaller than in a regulatory college if these group are to be effective. To remain focused, the core group might perhaps need to be limited to authorities from two or three countries each, rather than wider groups. And selectivity, flexibility and pragmatism would be absolutely key. I am not advocating, for example, that we form a group for every firm that includes all authorities in every jurisdiction where that firm has a presence. Instead, that we use a risk-based approach to concentrate on those authorities with a mutual interest, identify the specific firms and capital markets that that mutual interest might cover, and bring together those relevant authorities to discuss those firms and the capital markets they interact in. Indeed, some countries’ authorities have already met bilaterally or in small groups to discuss crisis management topics of particular mutual interest. There are a number of practical aspects of crisis management that these interest groups could enhance. First, co-ordination in a crisis. This, alongside information-sharing, is the area that has received most generic attention at the cross-border level.
Meanwhile, in the words of the Socrates, the Greek philosopher, “all wars are fought for money”. We heard some good examples that illustrate this relation in last year’s conference. We heard from Prof. Picard about King Monunius, who is known thanks to the respective coin. He had it minted for the sole purpose of raising a strong army, convinced that his might rested with the army. From Prof. Egro, we learned that Mahmut Pashë Bushatlliu and Ali Pashë Tepelena tried to introduce their coins and banknotes, independently from the Ottoman Empire, not for financial purposes but as a token of rebellion or an attempt to break away from the Empire. Later on, in WW1, we see the banknotes of the Republic of Korça, which are a rare phenomenon not only in terms of numismatics, but also a materialisation of the early issues as a result of the war, after the formation of the Albanian state. During WW2, the Albanian currency underwent radical changes. On its obverse and reverse we no longer see King Zog. Instead, Victor Emanuel III is featured and the most significant change is that the Albanian franc was officially pegged to the fate of the Italian lira. We will have the opportunity to hear, during the day, other interesting and important examples in the monetary and economic history of Albania.