28.01.2020  Multilateralism and globalisation reforms Presentation of the book Excesos: Amenazas a la prosperidad global, by Emilio Ontiveros Pablo Hernández de Cos Governor  Good evening Honourable Minister and Authorities, ladies and gentlemen. It is an honour to be here at the presentation of Professor Emilio Ontiveros’s book Excesos: Amenazas a la prosperidad global (Excesses: Threats to global prosperity), and to share some thoughts with you on the subjects it addresses. As has habitually been the case in his extensive academic and popularised work, Professor Ontiveros hits the nail on the head in his analysis of one of the main challenges posed by the current international landscape: the characterisation of and the risks associated with the economic and financial globalisation witnessed in recent decades. His work is immense, as it requires deep-seated knowledge of the wealth of interrelated factors that shape the highly complex and changing economic, political and social situation at present. As is also habitual for the author, he is successful in his venture: he presents a profound and well-structured analysis of the issue. And one that is, moreover, reader-friendly and comprehensible. Our congratulations, Emilio. 1. The book’s main line of argument As Professor Ontiveros rightly says, the globalisation and growing openness of economies to the flow of trade, finance, persons and knowledge, lauded by many just some years back as the fundamental driver of global economic development, is now questioned by significant economic, political and social agents, at least in its current form.

We should prioritise greater efforts in at least two areas: first, improving human capital and active employment policies to provide for the swift redeployment of workers to booming sectors; second, increasing public and private spending on innovation to create new business opportunities. Europe cannot stand aside from the development of new technologies and from the battle for technological supremacy between the United States and China. Finally, we should redress public finances in those countries with high debt and structural deficits. This is vital if it is wished to count fully on fiscal policy as a national macroeconomic stabilisation instrument ahead of any more adverse scenario in the future. Conversely, those countries with more fiscal space could provide a greater budgetary stimulus to their economies. In the current setting of very low interest rates, the positive impact of the fiscal expansion would not only be higher across the group of countries pursuing this measure; it would extend also to the other members, thereby giving rise to positive spillovers for the area as a whole. In sum, Professor Ontiveros’s book is a perfect tool for delving into the major problems and challenges the global economic system faces. Its analysis strikes a conscious balance between a comprehensive, technical description and a clear, reader-friendly explanation of the problems of globalisation. It is thus of interest for experts and non-experts alike. Reading it offers clarity, but also concern in light of the scale and complexity of the challenges we face. Thank you. 7