However, trade restrictions may cause an adverse global supply shock, which may be amplified by the pervasiveness of global value chains. This could be compounded by an adverse demand shock, given that the associated uncertainty could have a negative impact on decisions to invest and to consume. Overall, this would lead to a global output contraction.
A third dimension of adherence is that we are talking to regulators in our various jurisdictions as to how they might use the Code in monitoring market conduct. In Australia, the securities regulator, ASIC is very supportive of the development of the Code and is considering how it might utilise the Code in its market surveillance.