This might appear to imply that the interest rate at which citizens and governments of a nation could borrow and lend would then be set on world markets, with little or at least limited influence by national policymakers. A small country, for example, would have no ability to influence world interest rates in this case.
A very large country, such as the U.S., would retain some influence, but the influence would be diminished relative to the closed-economy case and would result from its ability to affect the world interest rate.