The war in Ukraine risks diverting the course of this essential rethinking and leading us towards a world divided into blocs, with fewer movements not only of goods, services and financial capital but also of technologies, ideas and people. With the end of the Cold War, over the last thirty years, the opening up of trade and technological progress have generated profound changes.
But the nature of financing required is also changing. Private investment is risky, so there has to be more risk absorbing financing such as from corporate bond markets and from equity markets.