The fact that a European central banker is speaking at a conference on the Americas is also evidence of advanced globalisation. We are living in one world, even if some of the conditions differ. Geologists claim that our two continents are moving away from each other, even though it is by rather less than one inch a year.
Fortunately, that is true only in a geographical sense. Economically, the continents are moving closer together. For that reason, it is undoubtedly true to say that there can be no oasis of prosperity in today’s world - even if Europe looks like an island of stability at present. But, of course, our future, too, depends on the further outlook for the world economy.