To prevent crisis, ‘global governance’ is needed.

Jean-Claude Trichet, the president of Europe's central bank, said to a recent meeting of the U.S.-based Council on Foreign Relations that in order to prevent another dramatic economic crisis, a new type of "global governance" must bring accounting practices on both sides of the Atlantic Ocean into sync with one another. "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," wrote Forbes reporter Mina Sanini, who captured the remarks...Link