No Global Financial Management - Ever

The vast, truly vast quantities of hot money running round the world are creating instabilities in zone after zone.  At the moment it's Europe's turn.  No-one argues seriously that the ECB's capacity and authority to control and direct the fortunes of the euro is insufficient, although many disagree bitterly on the policies that are being pursued.  The same is true for the Fed and the dollar (and its hangers-on), for the Chinese and the remnimbi, for Russia and the rouble;  even the Bank of England and sterling's management are efficient and appropriate (now).

What is not lacking is any further international body to 'oversee', 'regulate', 'manage' or otherwise interfere with relations between these blocs.  The IMF and the World Bank contain enough  political concessions by bloc powers needed to provide any international missing  links.  Nor would any one of these entities be willing to cede an iota of their political control over their bailiwicks; and don't think of Ireland, or Greece - those countries melded their economic and financial affairs into the ECB when they joined the eurozone, no matter what they said    to their national electorates at the time (or is pretended still) .

The United States looks as if it is setting a political course to make Obama a one-term president ; with him will go the last redoubt of of the globalised financial overseers control dream.  Until then we can expect to see the excess international liquidity in search of high return causing various local problems for which current institutions both national and international are wholly competent to deal.   

And  we can all continue to have fun arguing about the various political stances the dealing-with should embody.