But Morgan was old, destined to die the year the Fed was created; some institution was needed.
At the same time, Brown does not recommend or name one area where a new institution is needed.
Above all, strong political leadership, careful monitoring and strong institutions are needed to see successful implementation of health reforms.
Drawing on a vast range of historical and contemporary examples, Acemoglu and Robinson say sound institutions are needed to spur virtuous cycles of innovation, expansion and peace.
Three elements — measurement, values and institutions — are needed to bring about a better balance between the present and future, she writes.
The loss of sovereignty would be more acceptable to debtors if the creditors were to accept the need, eventually, to issue joint Eurobonds.Independent institutions are needed to make the system work.
As the Stevens Committee emphasises, police pay and conditions must continue to be modernised, building on the review conducted by Tom Winsor, and new institutions are needed to raise professional standards and remedy police misconduct.
At the same time, there has been a growing recognition that stronger, Europewide institutions are needed to help build confidence in banks that have been weakened by the fallout from the financial and sovereign debt crises.
But it could further damage the climate, since less oxygen means more carbon dioxide.For tragedies of the commons to be averted, rules and institutions are needed to balance the short-term interests of individuals against the long-term interests of all users.
