This can be exemplified by the United States, where one-third of the import measured by value takes place by air, as is the case with 25% of export value of Africa 9 . (2)  What areas of Poland’s economic strategy call for changes in order that globalization can lead to a visible improvement in Poles’ living standard? Globalization is not a zero-sum game where some people gain, however at other people’s expense. Globalization has already enabled billions of consumers across the globe to enjoy enhanced living standard, as can be exemplified by lower prices, enhanced quality and increasingly diversified product and service offerings. Millions of Polish consumers also experience these benefits. Simultaneously, more than one million of Poles, the so-called euro 300-gross-pay generation, have obtained better paid jobs in other EU countries, following Poland’s accession to the EU. New jobs are created in Poland thanks to foreign direct investment and investment projects implemented by Polish companies that increase export production. Consumer optimism continues to grow, whereas fears related to the labour market subside. Poles enjoy an enhanced living standard and voice fewer concerns about their future. Undoubtedly, after our accession to the EU, Poland has achieved great success in the global economy. Does this mean that we can rest on our laurels and there is no need for rapid and farreaching changes? It is not quite right, however, as there are a number of areas where Poland ranks the very last.
By forcing all of the banks that participated in the SCAP to have sufficient capital to help them withstand a stress environment, this process improved confidence and increased the willingness of banks to engage with each other. It also made it easier for the banks to be able to tap the capital markets. The SCAP exercise made a bad state of the world less likely, helping to create a virtuous circle rather than a vicious one. The SCAP exercise was developed and conducted in response to the crisis and a specific need. Now, we need to figure out how to conduct these types of exercises on a systematic basis. Such exercises may even need to be hardwired into the supervisory oversight of the financial system. Transparency In some critical segments of our financial markets, both before and during the crisis, limited or ineffective disclosure undermined market discipline and this contributed to the accumulation of risk. In the years leading up to the crisis, the lack of transparency contributed to increased risk and leverage in off-balance sheet vehicles, structured credit products and in over-the-counter securities such as asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs) and their associated derivatives. Once the crisis was underway, the opacity of many of these vehicles, structures and securities contributed to the concerns about counterparty credit risk. This uncertainty exacerbated the erosion in market liquidity conditions and further intensified the crisis.