In a speech held at the Deutsche Bundesbank in Frankfurt on 21 June Mr Trichet, President of the European Central Bank focused on the challenges from global financial integration for the international financial system, its architecture and its functioning. The change in the structure of the global economy also requires structural adjustments to be made in local economies, Mr Trichet said. “The ability to benefit from global financial integration very much depends on the quality of its institutional and structural environment. Structural adjustment has been and will continue to be a major phenomenon in the coming years.
“Potential risks stemming from international financial integration should be addressed with firm governance, requiring solid institutional foundations and policies. The key questions for policy-makers are whether the international financial architecture is at present sufficiently well-equipped to deal with this task, and whether it is adjusting sufficiently fast to the ongoing changes in international financial integration.
Speech
© ECB - European Central Bank
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