This means that they also have more responsibilities in the global arena and that the rules of the game need to adapt in order to keep pace. But there is another reason. Globalisation has put all economies around the globe in the same boat. Something that happens in one economy is often no longer a mere domestic event.
Its implications can sometimes extend to the entire global system. Remember how 12 years ago the Tesobonos crisis in Mexico developed from a local phenomenon into an issue for the international financial community. 13 Remember the Asian crisis. 14 Remember how the  13  See, for instance, S. Edwards, “On crisis prevention: lessons from Mexico and East Asia”, NBER Working Paper, No.