Last fall at the Development Committee ad the World Bank chaired by the Italian Central Bank President Draghi, trying to work out some measures aimed to save the Western Economy, the adopted mission statement was: “We are concerned by the
impact of the turmoil in world financial markets and the continued high prices of fuel and food. We welcomed member countries’ commitment to take comprehensive and cooperative measures to restore financial stability and the orderly functioning of credit
markets.”
The last financial crisis, called also banking crisis as well, has really become something very peculiar and different from any previous classic recession or depression, as outlined in our classic economy models, Keynesians and post Keynesians ones. The present crisis determinants are located in a worldwide scenario and are connected in their mostly recurrent part to the unsolved monetary issues as expressed by Robert Mundel in his delivery speech at the Nobel price assignment in year 1999.
Furthermore, the overlapping global economy has shadowed and outcast local markets and local production and the low fare Eastern Countries productions are invading globally all the markets. Since autarchy, protectionism and nationalism are outdated and not auspicial or repeatable, a soft integration may be reached trough a set of guidelines linking resources, population and global social target within a free continental development legal and institutional framework.
