Keynote Speech: The Dollar, the Euro and Gold

摘要

Let me begin by noting some key trends in the world economy. One is globalisation. The essence of globalisation is integration at world level. We have often seen integration at sub-global levels - within nations and empires of the past within the "free world" after World War II- but integration at the world level results from peace; it is the natural state of mankind if unimpeded by wars, blocs and alliances. The Pax Britannica of the late 1 800s created the preconditions for one great period of globalisation over a century ago. The end of the Cold War with the Pax Americana is its counterpart today. The countries that have embarked on integration at the international level have done very well from it. The Asian Tigers - most recently China - are the best examples. Globalisation, however, involves change and that brings both winners and losers. It is a magnet for all the protest groups of all the discontented and poor of the world which used to wave the banners of communism, anti-Americanism and anarchism.