As is well understood, it follows that the future evolution of the euro area and the European financial system turns just as much on European political dynamics as on the technocratic debate about the relative merits of further economic and financial integration. Conclusions  In this lecture, I have tackled two dimensions of the implications of globalisation for macrofinancial stability in Ireland.
But simply extrapolating from the strong economic performance of recent decades can be misleading. As we well know, economic size alone is not enough to be accepted as a global leader. Looking back at history after World War II and how the major powers have evolved, it clearly shows that it is not just about brute economic or military power.