7 / 14  BIS central bankers' speeches  But for this to be the case, the system will need to provide the functionality that people require, and it will need to do this on a timely basis.
The risks for the international scenario beyond the short term The governance of globalization and international equilibria have been under consideration for some time now, driven by the serious shocks that have hit the world economy one after another in the last 15 years, by the distributional consequences of this process in various countries, as well as by the gradual changes in the relative demographic, economic and political importance of the advanced and emerging countries (Figure 5).