The financial markets are in great difficulty and the world economy is going through troubled times. The current crisis has brought about profound social and cultural change. Never in the past have people and nations with histories and cultures so diverse expressed the same desire for certainty and called for a shared system of rules.
The participants in this talk-debate noted, however, that this does not mean there is universal consensus regarding the need for common rules. In international forums, there is a dissenting view which does not agree with this thesis. This is a minority position, given that the majority is convinced of the inevitability of a new regulatory system. Yet there are also different nuances among the views of those in favor. There are those who believe that the rules should be merely technical in nature – considering that the current crisis originated solely from a regulatory deficit in the financial markets – and those who feel that, in addition, rules of a political nature are also indispensable as they are needed to govern globalization.
Those participating in the debate concluded that the current situation represents an important opportunity that is unlikely to be repeated. In fact, beyond the conditions created by the crisis, we have also seen a break with possible historical biases. In this complex process, a significant role will surely be played by certain international organizations, particularly the OECD, but Europe itself could provide the best testing ground for a social market economy – one with which the ideologies of the major popular political parties and a large part of those of social-democratic parties can identify.