As globalisation accelerates, the widening of economic divergences between regions in some of the large trading blocs is being overlooked.
Meanwhile, the financial system remains predominant over all other economic sectors, because it serves to run and monitor globalisation.
It is allocated resources and rewards proportionately far above its contribution to real value added.
Wealth and decision making influence are again concentrated within a very narrow band of individuals and institutions.
Global and regional outcomes are assessed according to macrofinancial benchmarks that do not capture the growing divergences or even minimize their importance.
Yet such divergences are provoking interregional, interethnic and intergenerational injustices.
Economically, they are root causes for the stagnation that undermines the growth potential of regions in the developed and developing worlds.
All these tendencies are already contributing to destabilisation.
They might not appear to offer agenda material for meetings of leaders from the world’s largest economies.
So, they have been taken over by extremist and so-called populist forces.
Globalisation needs to be managed.
It should not happen all by itself as if it were a force of nature.
The target should be a gated development of globalisation.
It should be an item on the G7’s agenda.