CSDC 370

The loss of centrality on the part of States must coincide with a greater commitment on the part of the international community to exercise a strong guiding role. In fact, an important consequence of the process of globalization consists in the gradual loss of effectiveness of nation-states in directing the dynamics of national economic-financial systems. The governments of individual countries find their actions in the economic and social spheres ever more strongly conditioned by the expectations of international capital markets and by the ever more pressing requests for credibility coming from the financial world. Because of the new bonds of interdependence among global operators, the traditional defensive measures of States appear to be destined to failure and, in the presence of new areas of competition, the very notion of a national market recedes into the background.