Sustainable Globalisation: Lessons from Europe

The many concerns expressed by globalisation are coinciding with recent signs of deglobalisation. But many of these concerns are in fact political and economic fallacies. It is urgent to make globalisation sustainable, consequently more efficient, more enduring and more equitable. To achieve this, global markets must be underpinned by strong states and firm governance. On the economic side, a welfare bringing free trade requires that governments manage adequately its distributional, social and environmental consequences, Globally the European construction can be regarded as the most elaborate attempt ever to mitigate the inevitable political trade-offs arising in a globalised world. Its real success should be an example. Nevertheless its sustainability implies making it more enduring with a better control of financial flows and also more equitable. Finally, when heading for sustainable globalisation in Europe, the European voice must be heard in international bodies which shape international economic rules.