Financial Globalisation and the Currency Crisis Vishnu Padayachee International financial (and political) leadership is called for that would drive towards greater global financial co-ordination, debate new institutional arrangements and rules governing capital flows and encourage diversity in approach in matters affecting currency, bond and stock markets. At the very least, innovative ideas are required quickly on the appropriate institutional form for regulating speculative activity and on the rules and mechanisms for enforcing on speculators the requirement to disclose their positions.