Globalization and loss of autonomy by the fiscal, banking and monetary authorities

The idea that globalization impairs the sovereignty of the modem nation-State is increasingly accepted in some academic, government and international circles. Currently, there is generalized concern over the progressive erosion of national authorities’ leeway for making decisions on matters of internal interest independently of outside influences. This perception has reached its extreme among those who feel that globalization has transformed the nation-State into a dysfunctional entity in a world without frontiers. It is understandable that a consensus should have grown up around this thesis, in view of its general nature and in particular because of the conceptual flexibility with which the notions of globalization and sovereignty are usually treated in some professional circles.