Another part of the answer--one that Kindleberger suggested two decades ago--is that to introduce global financial markets into a world of merely national monetary authorities is, in a very real sense, to walk a tightrope without a net.
The answer is made up of many parts. 
mnli hypothesis: The answer is made up of many parts.  premise: Another part of the answer--one that Kindleberger suggested two decades ago--is that to introduce global financial markets into a world of merely national monetary authorities is, in a very real sense, to walk a tightrope without a net.