In any event, as the author points out, what is true is that the shift to protectionist-style policies – commercially and geopolitically – threatens to break the multilateral global governance arrangements in force. Paradoxically, the United States had led these arrangements over recent decades. Now, there is a consequent danger for global prosperity. The redistribution of power among a growing number of players entails the 1  replacement of the multilateral international cooperation arrangements with a new, more fragmented, decentralised and informal system as regards decision-making, in which bilateral and regional solutions trump multilateral agreements. Another characteristic feature of globalisation recently has been the onrush of the digital revolution and the roll-out of new communication and information technologies. These are driving radical changes in the economy, in society, in how we understand labour relations and in investment and consumption decisions. As the author indicates in the book, we are yet to fully discern the possibilities that artificial intelligence, robotisation and quantum computing can offer in the different facets of our lives. Professor Ontiveros also emphasises the risks and threats the application of these new technologies entails, e.g. the control of individuals, the invasion of privacy, the concentration of market power in the Big Tech companies, inequality and the exclusion of those who fail to adapt. Adding to globalisation and technical change is the demographic challenge. This poses fundamental challenges to growth, productivity and the sustainability of public finances in numerous economies.

By way of example, we need to design mechanisms so that large multinationals, particularly in the technological field, do not ultimately pose a risk to market competition conditions and so they may contribute to the sustainability of the welfare system. In this connection, the OECD is currently spearheading initiatives to improve the taxation of these companies. Another good example of the importance of concerted action concerns the need to urgently tackle the consequences of climate change. c. The case of the Economic and Monetary Union The Economic and Monetary Union is a good example of the dual need to improve the governance framework and, in parallel, to apply policies at the national level enabling growth and citizens’ well-being to increase. 5  In fact, despite the improvements made in the past decade, it is vital to strengthen European integration, especially through the completion of the EMU governance reforms. Specifically, as I have said on various occasions2, we must move promptly towards creating a single capital market and completing the Banking Union. These two initiatives are key both to the financing of investment and business innovation and to achieving a more robust and resilient monetary union in the face of adverse shocks. The Banking Union is a crucially important and far-reaching project for European construction. And this is why it is essential not to leave it unfinished. Following the start-up of the Single Supervision Mechanism and the Single Resolution Fund, efforts should focus on reaching an agreement on the launch of the European Deposit Insurance Scheme.