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Implications for business of the new international monetary order

Annual Conference of the European International Business Academy, University of Fribourg, 08.12.2006

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Financial globalisation offers new opportunities to the business sector but also poses new challenges. The adoption of flexible exchange rate regimes by a growing number of countries has made the world at large more resilient to crisis than in the past. This development is also enhancing the prospects for growth and low levels of inflation in most countries. But the business sector should not become complacent: greater stability does not mean that crises are a thing of the past. Risk management and risk diversification should be at the forefront of any business strategy.