Remarks by Saleh M. Nsouli, Director, Offices in Europe, International Monetary Fund
Crans Montana Forum, 18th Annual Session Panel on "Soft Globalization Contra Hard Globalization"
It is a pleasure for me to participate in this discussion today, which tackles a topic of importance for both policymakers and the public at large: how to make globalization work for all. I would like to address this issue from an angle you will find of particular interest, that of the policies and reforms the International Monetary Fund is pursuing—with its global membership of more than 180 countries but also within itself—to ensure that member countries maximize the benefits and minimize the risks of globalization.
How has globalization changed in nature?
Globalization refers to the increasing integration of the world's trade and financial markets. This integration is associated with the liberalization of trade flows and cross-border investment and helps countries converge over time in terms of wealth as well as welfare. The arguments for the benefits of liberalization are well known; these stem from the improved allocation of resources facilitated by trade and investment flows. Globalization is not a recent phenomenon but, today, the reach and depth of trade in goods and services as well as of capital flows are far more developed than they ever were.
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