They provide the framework under which financial markets operate. However, crisis leads to the question of whether we put the cart before the horse by freeing capital movements before creating a global entity to regulate them. Global financial and monetary governance is no longer absurd. At some point, the state may give way to a higher authority. But, as Europe shows, these are uncharted political waters.
Financial forces show no signs of abating.
Countries that put controls or legacy above global integration will be left behind. Yet, finance is not the ultimate goal. It is the facilitator to an economic environment where productive forces are constructively engaged to the advantage of most people, globally. The incentive to engage in the process remains strong, giving us a long time to reflect on the results and consequences.