Is globalisation great?
Speech by Mr Stephen G Cecchetti, Economic Adviser and Head of Monetary and Economic Department of the BIS, at the 11th BIS Annual Conference, Lucerne, Switzerland, 21-22 June 2012.
This year the theme of the 11th BIS Annual Conference is the future of financial globalisation. Anyone who has lived through the last five years must surely ask: Is globalisation great? Given the orientation of the BIS, we are forced to ask this question. In fact, I am led to ask two questions, namely: how much globalisation is good and how much finance is good. Over the next two days we will reflect on these questions. Let me give you my answers to my questions up front: financial deepening is great, but only up to a point. And, this means that the globalisation of finance is great, too; but only up to a point.