The federation's entry into the global stage as a member of the International Cooperative Alliance (ICA) among other global allies provides a striking context to the growth of the sector not just in the Philippines but also worldwide. Co-operatives have become "mainstream" or generally accepted. In fact, it is being touted as the economic model to replace capitalism, whose dismal performance was highlighted by the collapse of Wall Street and European financial institutions in 2008. Observers say the current economic crisis in the European Union and even in the United States is an argument against the capitalist system.