Global Governance Needed for Financial Stability

The President of the European Central Bank, Jean-Claude Trichet, told
Forbes that global governance is extremely necessary if we want to
prevent another financial crisis. In his prepared printed and spoken
remarks to the Council on Foreign Relations, Trichet emphasized that
politicians, economists, and financiers must work across the Atlantic
and collaborate on methods to create an international set of standards.

It is his belief that through global governance, the resiliency of the
global financial system can be assured, noting that ultimately it was
governments’ use of taxpayer’s money, equivalent to around 25% of GDP on
both sides of the Atlantic, that prevented another catastrophic great
depression from occurring. Read the entire story here.