The Impact of Globalization in the Context of the Current Crisis

The economic crisis triggered in 2007 in the U.S. had reverberations around the world, with serious consequences in the field of economic exchanges and financial, which required a rethinking of economic policy at the global level. The economies of the developed countries and emerging markets were affected, the crisis deepening the gap between heavily industrialized nations and developing states as well as the least developed states, in particular African states. In this context the world expected a minimal state involvement in the financial sector through the provision of funds to be used to meet the need of liquidity of banks. A natural consequence is the increasing indebtedness of these countries with naturally impact on the trade deficits. The financial crisis has boosted the role of governments in national economies, making at the same time necessary the cooperation at international level in order to adopt concerted measures for economic recovery.