“Let me be direct: We are in the midst of a rupture, not a transition.
“Over the past two decades, a series of crises in finance, health, energy and geopolitics have laid bare the risks of extreme global integration.
“You cannot ‘live within the lie’ of mutual benefit through integration when integration becomes the source of your subordination.
“The multilateral institutions on which middle powers have relied — the WTO, the UN, the COP — the very architecture of collective problem solving, are under threat.
“And as a result, many countries are drawing the same conclusions — that they must develop greater strategic autonomy: in energy, food, critical minerals, in finance and supply chains.”
Throughout the address, Carney acknowledged that existing international systems and rules are flawed and imperfect. However, he warned that the current direction of global affairs suggests the world may be heading toward a far more dangerous outcome.
He also cautioned that while rising nationalism may appear attractive to some, it risks creating what he described as a “world of fortresses” that would ultimately be “poorer, more fragile and less sustainable.”
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