Budget deficits result in high interest rates and sap confidence. President Clinton said there was much else he wanted to do, but the threshold issue was to establish fiscal discipline. That's what we did. Fiscal discipline is critical for economic success. You have been one of the drivers behind the global financial architecture.
Globalisation is enormously beneficial to the entire world.
There are capital flows to emerging market countries and we have a more efficient global economy. But there are also real issues, real concerns like economic and cultural dislocations. Along with globalisation, we need a parallel set of policies that address these side-effects of globalisation. You cannot stop with technology, capital, and trade. It's a difficult issue.