2  BIS Review 31/2007  In turn, actively participating in the globalisation process is a prerequisite for increasing real income and the living standard of the population, not an impediment to it. To me, it is obvious that globalisation, among other factors, has made a crucial contribution to increasing wealth in more and more parts of the world.
However, the integration of formerly rather closed economies into the world economy is a process which has to be set up prudently. Otherwise, the integration process might impact negatively on the domestic economy and the well-being of its population and might increase the risk of crisis instead of enhancing the chance of prosperity.