The recent financial crises in Asia, Russia and Latin America have focussed attention on the effectiveness of the world's 'financial architecture'. The freeing of capital movements and the globalisation of markets have boosted economic growth; but also increased instability and systemic risk....

The European Union now faces an existential dilemma in the apparent choice to be made between over-extending the enlargement process to the point of destroying its own governability, versus denying one of its founding values to be open to all European democracies and possibly generating negative...