4  BIS Review 10/2005  4. Conclusions  The international economy and national economies are dominated today by the phenomenon of globalization. It is the sign of the times. Globalization not only transforms economies and finance but it also impinges on social and cultural models; it raises the urgent question, especially at international level, of the institutions required to govern the phenomenon.
To cope with the changes and anticipate the future, an approach is needed in which ever greater specialization is combined with elements of humanistic culture. In this context institutions such as this glorious Academy have a task to perform in the higher reaches of knowledge. The financial system has gained a sort of primacy and autonomy at global level.