After what we have experienced, we need a serious debate about the positive and negative impact, and especially the redistributive effects which global cooperation is having on our societies. But new walls and protectionism cannot be the answer. Instead, we need to focus on making global growth even more inclusive.
In this regard, strong property rights and a legal system that enforces contracts quickly and fairly are of particular importance. As many of you may recall, we discussed the topic of globalization and financial stability last summer here in Banco de España and safeguarding these two factors were deemed as essential to avoiding pitfalls in financial liberalization. 2.