The Scandinavian countries, for example, are in the top league of all measures of globalisation but are also characterised by very high social spending (though this “model” has recently been under some pressure).
When the market shifts with some event or the release of economic data, this tells us how participants think our monetary policy will react. As such, the OIS market is crucial for telling us when there is a disconnect between expectations in the market for the economy and interest rates and our own expectations.