The vision of a new world order, in my view, has to include a changed global financial system, one that is tilted in favour of Asian banks with strong balance sheets and liquidity positions that are already making their way up the ranks of the world's biggest and strongest financial institutions.
No doubt the crisis has thrown the world's financial order into disarray and exposed the vulnerabilities of large US and European banks whose reputation and credit ratings have suffered as the markets they dominated in the past were turned upside down.
While the concerns over the US and European banking sector risk will take time to clear, the financial crisis has delivered a silver...
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