December 2018 Vol.9 Ed.11
The state of globalisation
From the UK’s Brexit challenge and US unilateralism, to trade wars and European immigration concerns, the unifying theme that preoccupied liberal policy-makers in 2018 was the political threat to economic globalisation and how best to share the benefits of an interconnected world.
For the last Bulletin of 2018, we invited contributors to review the state of globalisation. They address the increased importance of the regulatory component in regional trade agreements, and how competition from local firms may be a greater threat to multinationals than trade wars. On global finance, contributors argue that the change in composition of capital flows does not imply more stability, and that the Basel Committee should ensure implementation of its rules for supervision are adequately tailored to developing countries.
International co-operation is essential to many of OMFIF’s core themes, and our meetings and research aim to bring together perspectives reflecting our diverse and global membership. In April and November, we held meetings in Paris and Berlin respectively on how to reform the architecture of the euro area. In October, we were hosted by the United Nations to discuss how the world’s central banks can work together to address the consequences of climate change for our economies. Over the summer months, we collaborated with 21 central banks to research integrating blockchain technology in their interbank payments systems. Much more is on the agenda for 2019, covering the intersections of finance with technology, the environment, trade and politics.
- Rohini Acharya, chief of section, regional trade agreements, in the trade policies review division of the World Trade Organisation;
- Willem Middelkoop, founder of the Commodity Discovery Fund;
- Ankie Ng, chief executive officer of Shifted, the Hong Kong-based social impact bond intermediary;
- Antony Lewis, director of research, cash and central bank digital currencies at R3