Paolo, can you explain what you mean when you say the loss of financial globalization has created a global problem we can now finally address together?

When I say that the loss of financial globalization has created a global problem we can finally face all globalized, I’m pointing to a paradox: while the decline of financial globalization seems like a crisis, it’s also an opportunity for us to confront the very global issues that financial globalization failed to address—this time, with a more unified, human-centered approach.

Let me unpack that. Financial globalization, in the traditional sense, has been about money, markets, and capital moving across borders freely, creating interconnected economies. For decades, this has been touted as a way to increase global wealth, lift countries out of poverty, and fuel innovation. But what happened is that financial globalization mostly ended up serving the interests of a few powerful nations and corporations, while leaving behind deeper, more human problems like inequality, environmental destruction, and social instability.

The pandemic, along with trade wars, political shifts, and rising nationalism, has disrupted this financial system. We’re seeing supply chains break down, markets become more volatile, and countries looking inward to protect their own economies. In a sense, the financial system is fragmenting, and that’s the global problem we’re facing now: a world where economies are no longer smoothly connected, and the once-dominant system of global finance is losing its grip.

But—and here’s the important part—this fragmentation gives us a chance to finally confront global issues in a truly globalized way. Instead of letting money and markets dictate how we connect with each other, we now have an opportunity to rebuild those connections based on shared human challenges, not just financial interests. Climate change, inequality, health crises, technological shifts—these are global problems that were often overshadowed by the priorities of financial globalization. Now, with the cracks in the system visible, we have the chance to address these issues with a more holistic, human-first perspective.

What I mean by facing global problems all globalized is that we’re entering a phase where we can start to tackle these challenges together, as a global community, not driven by capital but by collaboration and shared responsibility. Financial globalization often divided us—creating winners and losers, exploiting resources, and deepening inequalities. Now, with that system in decline, we have a window to rethink what globalization could mean. We have the chance to focus on people, communities, and the planet—to connect and collaborate on a more human level, across borders, to solve these existential challenges together.

This shift doesn’t mean the end of global cooperation—it means a new kind of global cooperation. One where solutions are driven by common goals like sustainability, equity, and social well-being, rather than just profit and financial gain. We can finally face global problems globally, without the constraints of a system that prioritized capital flows over human needs.

So, the loss of financial globalization isn’t the end of global connections—it’s an opportunity to reshape those connections in a way that serves everyone, not just the powerful few. We’re in a moment where we can redefine what it means to be truly global, and this time, we can build it around collective progress, not just financial gain.