the globalization of cities leads to: worldwide historic preservation

The years following the fall of the Berlin Wall marked a golden era for globalisation. But as Christopher Columbus once said, “You can never cross the ocean until you have the courage to lose sight of the shore.” Globalisation past and present Rather, we must work towards making trade safer in these unpredictable times, while also leveraging our regional strength. But that does not mean restricting open trade.

And we must respond accordingly if we are to thrive in this new and increasingly uncertain global terrain. These shifts have implications for Europe. These are the shifts from dependence to diversification, from efficiency to security, and from globalisation to regionalisation. It is still too early to say how this will play out, but one can already see the emergence of three distinct shifts in global trade. And once more, fluctuating value systems and shifting alliances are creating a new global map of economic relations. Today, rising geopolitical tensions mean our global economy is changing. Mappae mundi, like the famous Ebstorf Map, often portrayed the holy city of Jerusalem at the centre of the world. Well-trodden trade routes from ancient times meant that Asia and North Africa figured prominently in them.

These mappae mundi, as they are known, depicted world views informed by trade links and value systems. This point is well captured by those world maps from Medieval times. Throughout human history, economic relations and values have fundamentally shaped how we understand and interact with the world. And in a post-invasion world, it has become increasingly untenable to isolate trade from universal values such as respect for international law and human rights.

Russia’s unprovoked aggression has triggered a fundamental reassessment of economic relations and dependencies in our globalised economy. The economic fallout from Russia’s invasion of Ukraine may mark a defining moment for globalisation in the 21st century. It is a pleasure to be in Washington to speak with you today. Keynote speech by Christine Lagarde, President of the ECB, at the Peterson Institute for International Economics

The globalization of cities leads to: worldwide historic preservation