An important premise in this perspective is the point I concluded the last segment with. The process of globalization has enormous potential benefits for EMEs in all its forms. But, it also brings with it significant risks, such as the vulnerability to shocks which emanate outside their sphere of control.
The best way to optimize on the “risk-return” tradeoff from globalization is to adhere to a common set of standards and rules, which, as I said earlier, forces the process to be driven by fundamental factors rather than by regulatory arbitrage, broadly speaking.