Therefore active participation in this integration process implies that monetary and fiscal policies have to be subjected to the disciplines of the international market. Globalisation mercilessly exposes the shortcomings in national economic policies in countries that do not apply the universal “laws” for prudent macroeconomic management. The process of globalisation accentuates the pressure for change and for greater coordination and harmonisation of economic policies.
The World Bank, IMF, OECD and other international organisations are encouraging countries to discover what the consequences are of the circular relationship between the integrity of monetary and financial management, high-quality growth, and poverty reduction. Without poverty reduction, the first two have little chance of enduring, and without the first two, any efforts to reduce poverty will take longer and be less successful. 3.