Consider some of the ideas that were proposed to address world financial instabilities following the Asian crisis of 1997-1998. It proved to be a major crisis that had destabilizing knock-on effects on all financial markets around the world. At the time, a number of Asian countries succumbed to some steep financial and economic declines. Russia’s markets also collapsed. The World Bank and the International Monetary Fund were called upon to extend enormous bailout and emergency financing programs at that time. All in all, the crisis was chilling enough that many new initiatives were suggested to “fix the global financial architecture.” A United Nations (UN) report on this subject listed the need for “a world financial authority… that would set policies for all financial institutions in the world…
