developed countries, it has often been shown that the countries that opened themselves up to competition, imports and exports have developed much better than the countries that tried import substitution, i. e. tried to build up industries for all their own needs. economic research indicates that this is the case. south korea, singapore and now china are examples of more or less open economies that are seeing much better growth now, while india had poor growth for a long time, as it closed its borders. other countries that have closed themselves in, such as nigeria, ukraine and pakistan, are suffering degrading poverty. countries that were previously more open with a high standard of living can sink into crises and misery, as is the case with argentina and uruguay. participating in international exchanges provides investment, access to new technology and spreads knowledge of business life and company management. when managed properly, poor countries that open themselves up to the outside world can achieve more rapid growth than the industrialised nations through what economists call " catching up ". sooner or later even the poorest are raised to a higher standard of living with a more even distribution within the country. one example of this type of development is parts of china, after the country began to turn outwards and liberalised its economy. some conclusions now back to lars goran's question : does globalisation have anything to do with the closing of the atm? yes and no. in a dynamic economy with rapid growth, the production of goods and services is constantly changing. there is cost cutting, restructuring, closures, innovations and new production starting up all the time. when an atm gives rise to more costs than it brings in income, it is closed down and bank services have to be handled in a different way, sometimes at higher costs to the customers, but always at lower costs to the bank. these are the conditions in a market economy. globalisation speeds up the process by increasing competitive pressure. the closing down of the atm may occur sooner than it would have otherwise. but the tougher competitive pressure provides us with other services, e. g. we can sit at our desks at home and pay our bills via the internet as well as making transfers between wages accounts and bank loans. and we can pay by card. the atm becomes less important. globalisation speeds up the process in the changes in production and consumption patterns in a competitive market economy. this probably cannot be avoided and if we are careful, it can be turned to our advantage, as has been demonstrated

daniel k tarullo : dodd - frank implementation testimony by mr daniel k tarullo, member of the board of governors of the federal reserve system, before the committee on banking, housing, and urban affairs, us senate, washington, dc, 11 july 2013. * * * chairman johnson, ranking member crapo, and other members of the committee, thank you for the opportunity to testify on the federal reserve ’ s activities in mitigating systemic risk and implementing the dodd - frank wall street reform and consumer protection act of 2010 ( dodd - frank act ). with the third anniversary of the dodd - frank act upon us, it is a good time to reflect on what has been accomplished, what still needs to be done, and how the work on the dodd - frank act fits with other regulatory reform projects. indeed, the deliberate pace and multi - pronged nature of the implementation of the act – occasioned as it is by complicated issues and decisionmaking processes – may be obscuring what will be far - reaching changes in the regulation of financial firms and markets. indeed, the federal reserve and other banking supervisors have already created a very different supervisory environment than what was prevalent just a few years ago. today, i will review recent progress in key areas of financial regulatory reform, with special – though not exclusive – attention to implementation of the dodd - frank act, including how that law affects the regulation of community banks. i will also highlight areas in which proposals are still outstanding and, in a few cases, in which we intend to make new proposals in the relatively near future. implementation of basel iii capital rules let me begin by noting the completion of our major rulemakings on capital regulation. although most of the provisions in these rules do not directly implement provisions of the dodd - frank act, implementation of that law is occurring against the backdrop of implementation of the basel iii framework. this month, the federal reserve, the office of the comptroller of the currency, and the federal deposit insurance corporation ( fdic ) approved final rules implementing the basel iii capital framework, as well as certain related changes required by the dodd - frank act. 1 the rules establish an integrated regulatory capital framework designed to ensure that u. s. banking organizations maintain strong capital positions, enabling them to absorb substantial losses on a going - concern basis and to continue lending to creditworthy households and businesses even during economic downturns. the rules increase the quantity and improve the quality of regulatory capital of the u. s