The forces driving globalisation seemed inevitable, inexorable and broadly desirable at the start of the century. An array of evolving technologies was making the world smaller and national borders fuzzier. In addition, there was an expectation that increased global competition and access to international markets would enhance the underlying efficiency of national economies.

Philosophically, policymakers were committed to continuing economic and financial integration. Free trade was viewed as a driver of global growth, and openness to capital flows was thought to support the development and efficiency of the financial sector.