It is only through coordination that we will all get the full benefit of improved standards and codes. Unlike macroeconomic policy, where the best collective outcome depends on each country following appropriate domestic policies, when it comes to international trade and global financial markets, the best collective outcome will require strong, coordinated efforts. Conclusion Let me sum up.
As globalization continues, it may appear that there is a need for national authorities to coordinate their macroeconomic policies through formal agreements and arrangements. I have argued that this is not the case. I hope that I have convinced you that such coordination is unlikely to be helpful.