The Russian invasion of Ukraine has exacerbated some of these factors, amplifying the challenges that the world economy, and therefore the economic and monetary authorities, will now have to contend with. But beyond the impact on the global economic outlook, the war has struck the largest blow to the international economic order since the Second World War. This dramatic event has thrown into relief the need to reinvigorate and bolster the foundations of multilateralism, which are the set of rules and values that we have established to ensure peace and prosperity. But we should also view this as a chance to give fresh impetus to international cooperation, which has contributed so much to global progress in recent decades. Such impetus means strengthening the international institutions, many of  1  which date back to the mid-20th century, so that they can respond more effectively to the new crises, such as the global financial crisis and the pandemic crisis, which are more global in nature than the typically regional crises of past decades. International institutions should equip themselves, in their respective field of competence, with the appropriate tools to prevent and respond to systemic crises. In addition, the global nature of processes such as the green transition and digitalisation means these institutions must adapt in readiness to deal with these challenges and help attain the goals and fulfil the commitments we have set ourselves in these areas.
The agreement for a minimum corporate tax rate for multinational enterprises, spurred by the G20 with the OECD’s invaluable support and ratified by more than 130 countries that account for more the 90% of world GDP, is a good example of the benefits that international cooperation can generate in the digital era. Furthermore, supply issues, which have led to shortages and strains on prices during both the pandemic and now the war in Ukraine, strengthen the case for boosting international cooperation. In its latest World Economic Outlook, the International Monetary Fund concluded that these supply issues should not lead us to lessen our economic openness. On the contrary, its analyses point to the international diversification of imports and improved substitutability of the sources of inputs from different countries to boost value chains’ resilience. Signing new bilateral and multilateral trade agreements and strengthening pre-existing ones, which would afford greater certainty to trade relations while reducing their cost, would also help attain this goal. To conclude, I believe that, by sharing experiences and outlooks, fora such as this one help gain a deeper understanding of the challenges that we, the economic and monetary authorities, must face. I hope that you are able to benefit fully from the discussions held over the coming days and wish you a pleasant stay in Seville. 2