Abstract

The present crisis is not just a global financial crunch, but a global institutional crisis. At an institutional level, it needs a solution similar to Roosevelt's reforms of the 1930s (NIRA for national industrial recovery, Glass-Steagall act for finance, TVA for regional policies, labour policies). These economic reforms were imposed by political power. Today we must operate at a supranational scale, «as if» there were a supranational state, like the ECB is doing. This is our immediate future.