The report strongly advocates a need for greater integration of finance and strategy, and provides suggestive evidence of the benefits of such integration.

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In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance.

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Significant integration between technology, finance, and marketing requires superior leadership and strategy skills.

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Since the euro's creation, European integration has moved farthest in finance.

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Price Waterhouse aims to add hundreds of experts to its Japanese branch to handle a growing consulting practice in computer systems integration, mergers and acquisitions, project finance and international taxation.

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But Mr Soros acknowledged that the move would inevitably lead to greater integration of government budgets - including a European finance ministry - and that there was a lack of democratic legitimacy in Europe for this.

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Globalised finance, it turns out, is an inextricable part of global integration.

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