The report strongly advocates a need for greater integrationoffinance and strategy, and provides suggestive evidence of the benefits of such integration.
In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integrationof global finance.
But Mr Soros acknowledged that the move would inevitably lead to greater integrationof government budgets - including a European finance ministry - and that there was a lack of democratic legitimacy in Europe for this.