Despite the fragility of authoritative governing institutions at the international level, the politi-cal capacity to deal with global risks is developing. The sense of legitimacy that will ultimately derive from a deeply transnational sense of shared fate continues to lag, but even in that...

The cross-border financial crisis that began in the United States in the summer of 2007 tested a 30-year experiment in international integration. In the background were expanding macroeconomic imbalances that leading states had neglected to address. Spawned by imprudence and regulatory failures,...

Financial and capital market integration in Europe is now well-advanced, but it confronts a serious challenge in the design of workable arrangements for crisis prevention, management and resolution. The expansion of large, complex financial intermediaries exposes the limits of a supervisory...