Last Sunday in Berlin the governments of the most important European countries agreed to promote a new transparency in international financial markets. This is a very important decision to avoid future crises. It is also an urgent one, because a concrete plan of action must be defined in the next Group of 20 nations summit in London, at the beginning of April.

This will not be an easy project, because those who have interests in tax havens will attempt to block the creation of a transparent regime for the enormous flows of international money. The recent tension between the US and Switzerland on bank secrecy is just one of the first signs of the likely conflicts that will be triggered when this difficult but needed project is fully implemented. This is why the European decision to act is not only appropriate, but shows courage and wisdom.