Financial institutions such as the IMF and World Bank are also major players and must consider how they too can be involved in harnessing globalization to the needs of the world. And we need to examine ways of substantially strengthening our global environmental institutions. But institutions are only a part of the picture the first of three key elements I want to mention today. Actors such as Brazil, China, India and Russia are willing to play a full part in the international system provided they have a full say in setting its rules and establishing its principles. This means pursuing both economic and political integration.
Economic integration enables a region to compete effectively in the world economy.
A large, integrated regional market such as the EU cuts costs and red tape for business and allows capital and labour to move freely to where they can best be used. The overall result is a stronger, more prosperous region, better able to co-operate with others in global governance. Political integration enables a region not only to manage its own economic integration but to speak and act singlemindedly on global issues. It also gives a greater say to small countries, whose voice would otherwise be drowned out in the global clamour. Our European model of integration is the most developed in the world.