a total of one in seven) are dependent on exports to the rest of the world.12 Second, the act of renationalising policies will not allow a country to evade global competition: isolating itself from global value chains will raise input prices, make its exports less competitive and make the country less attractive to investors, ultimately weakening the economy on both the supply and the 2/7  BIS central bankers' speeches  demand side.
Similarly, retreating from international cooperation will not allow a country to escape tax competition and is likely to make it less effective at fighting tax evasion. History suggests that there is only one solution. Whenever globalisation has led to excesses and retreated into protectionism in the past, the lesson we have learned is that globalisation is not sustainable without strong institutions.