course, the highly sensitive issue of migration. it is also, to an important extent, a cultural phenomenon. nevertheless, the economic aspect of globalisation remains the most pressing aspect in the public opinion. in my speech today i will try to look more deeply into that perspective. i should also say from the outset that these reflections will certainly not lead me to call for a stop to globalisation. none of us wants to see a repetition of the 1930s. the challenge however remains to minimising the costs so as to increase acceptance by our societies. i will not try to offer definite prescriptions ; many people in this audience are much better qualified than me to do just that. instead, i will try to raise some issues that i see as problematic or still unresolved, and hope to stimulate the debate at tomorrow ’ s conference. i ’ d like to touch upon three issues ; first, public perceptions of globalisation ; second, the evidence on costs and benefits of globalisation, with particular reference to the euro area ; the views expressed reflect only those of the author. i thank r. anderton and l. stracca for input and comments as well as a. mehl and r. straub for providing background analysis. see leamer ( 2007 ). third, the opportunities and challenges raised by financial globalisation. in my conclusions, i will also elaborate on the role of europe in this process. 2. perceptions of globalisation how does the public perceive globalisation? i would like to underline 4 “ stylised facts ” that can be drawn from existing analyses. 3 first, europeans are more inclined to view globalisation with concern. taking the eu as a whole, public opinion is evenly split between supporters and opponents of globalisation. the situation varies considerably across countries. anxiety about globalisation is very noticeable in france ( but is also high in greece ), in particular in relation to its impact on jobs. by contrast, support is high in scandinavian countries, such as denmark and sweden. support for globalisation overall seems stronger in the rest of the world. for example, in the united states a majority of the population considers globalisation as inherently good. second, cultural competence, i. e. the ability to interact effectively with people of different cultures and education, are inversely related to the degree of concern about globalisation. indeed, support is strongest among high - skilled workers in mature economies, while political orientation of both skilled and unskilled workers does

##gilance and awareness of trends of serious crimes in the country and emerging threats impacting the system. it also calls for effective responses in the form of more robust, agile controls to address these identified trends and threat in a timely manner. from the national risk assessment 2020 undertaken by members of the national coordination committee to counter money laundering and to assess and facilitate the understanding of ml / tf risk exposures, it was found that the top five high - risks crimes that pose substantial ml / tf threats to the country are corruption, fraud, smuggling, illicit drug trafficking and organised crimes. corruption remains a systemic issue, and is particularly insidious, since it facilitates and sometimes enables others significant crimes such as fraud, drugs, human trafficking and environmental crimes. the assessment also indicated that the banking sector is exposed to high level of ml / tf risks. with banks as the nexus between all financial and non - financial sectors, the banking platform has become an ideal channel to be abused for criminal activities including corruption. 2 / 4 bis - central bankers'speeches in this regard, it is crucial that banks understand these key risk drivers to accurately assess whether their current systems are sufficiently adequate in the face of such risks and deploy their resources more strategically to focus on addressing specific, high - risk areas. some best practices for control measures include improving the ability to deter illegal fund flows within the system, conducting swift identifications of illegal transactions and prompt submissions of suspicious transaction reports ( str ). banks are also highly encouraged to make good use of technological advancements to develop more holistic monitoring and risks detection systems, allowing for more prompt alerts and sophisticated red flag systems and stronger compliance to anti - money laundering & counter financing of terrorism ( aml / cft ) requirements. it goes without saying that savvy systems alone are not the one - stop solution. this must be complemented by continuously maintaining and upgrading relevant competencies of aml / cft personnel through investments in training. ladies and gentlemen, i would like to take a moment here to commend the industry on the strides it has made in the aml / cft space over time. in particular, strs received from the banking sector has steadily improved in quality over the years. there is no doubt that these strs and the overall cooperation of banks with the relevant authorities have been useful in supporting enforcement activities by law enforcement agencies. this includes supporting macc's investigations through timely responses to orders, provisions of documents and witnesses.