Centinelas Dialogues: Key Concepts for Understanding the New Globalisation

On April 23rd, Centinelas held a new Centinelas Breakfasts event on Key Concepts for Understanding the New Globalization. This event was conceived as a space for reflection and dialogue around the major challenges facing the global economy today.

On this occasion, the meeting was attended by Enrique Fanjul, CEO of Iberglobal and member of the Club de Exportadores' Committee for Reflection on Internationalization, who gave a presentation focused on analyzing the profound transformations that globalization is undergoing and their consequences for companies and states.

During the conversation, fundamental issues relating to the paradigm shift in the global economy were discussed. It became clear that while globalization was previously centered around reducing production costs, liberalizing international trade, and seeking efficiency, the current scenario demands prioritizing resilience and economic security. Successive crises, including the COVID-19 pandemic, the conflict in Ukraine, the situation in Gaza, natural disasters, tensions with Iran, and United States tariff policies, have highlighted the fragility of global value chains and the inherent risks of excessive dependence on certain suppliers or powers.

Likewise, the implications of a potential conflict between China and Taiwan were considered, the economic consequences of which would be significant, reinforcing the need to diversify supply sources. It was nevertheless stressed that strengthening economic security comes at a cost, which could translate into a reduction in welfare or business profitability. In this context, the issue of foreign investment in Europe was addressed, noting that the limits introduced in 2019 should be subject to stricter review in light of the new geopolitical environment.

Taken together, the meeting proved to be of great value, offering attendees a well-founded, top-tier perspective on the new rules that are redefining the global economy at a time of profound transformation.