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A method of relating infinite dimensional Lie algebras to basis dependent sequences of finite dimensional Lie algebras is introduced. Diff A S 2 and Diff A T 2 are shown to be N → ∞ limits of SU(N), with a limiting procedure, and " SU (∞)'s", that differ from the usual Kac Moody ones. After a detailed presentation of these two 'principal' examples, the general construction is outlined, which seems to work for the Poisson algebra of more or less any homogenous symplectic manifold.
Jens Hoppe (Mon,) studied this question.