The allocation of global savings would inevitably be less efficient, and the funding of the public and private debt of individual countries would be more difficult. A fragmentation along borders drawn by political security considerations, albeit necessary ones, could have extremely negative consequences for smaller economies, especially emerging and low-income ones that do not benefit from participation in consolidated regional economic areas.
In a world divided into blocs, we would also and above all lose that wealth of mutual trust, however fragile and uncertain, that, as well as being indispensable for nations to co-exist peacefully, is an irreplaceable foundation for tackling the key challenges for future generations. Limiting global warming, fighting against extreme poverty and combating pandemics are formidable objectives that no country can face alone.