10 –12; quoted by M. Wynne (2005), “Globalization and monetary policy,” Southwest Economy , Federal Reserve Bank of Dallas, Issue 4, pp. 1-8. 3  See Berlin declaration of 25 March 2007. 4  Papademos, L. (2007), “The effects of globalisation on inflation, liquidity and monetary policy”, speech delivered at the NBER conference on “International dimensions of monetary policy,” Girona, 11 June 2007.
2  BIS Review 21/2008  the United States was fourth. 5 When one looks at measures focusing more narrowly on economic globalisation, however, the striking and not widely known fact is that Europe, and the euro area in particular, turn out to be more closely integrated with the global economy than the US.