Yaroslav Lissovolik, Valdai Discussion Club
The current international economic system is stress-tested by a series of systemic challenges ranging from trade disputes and protectionism to climate change and global scale epidemic. The response of the world community is constrained by lingering gaps in global governance as well as a lack of leadership across countries and regions in mustering a coordinated response to these daunting challenges. At this crucial juncture for the world economy, it is the regional layer of multilateral institutions and integration blocks that has the potential to overcome the excesses of narrow national self-interest and raise international cooperation to a higher level.
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