Matolcsy: The future is not bipolar, it is multipolar

English2020. aug 12.GOVERNOR MATOLCSY100WORDS

Deliberately or not, Rana Foroohar argues for the return of the former bipolar world, this time with a U.S.-led Western Alliance against not the Soviet Empire, but China /FT, 20 July 2020/.

It hopefully will not happen, because the world is heading towards a multipolar structure with more than two driving forces. The U.S., China, the EU, India, Japan and maybe others will be able to shape their future separately from the others, influencing all the others at the same time.

Besides, regionalism will replace globalization, leading to the birth of old/new regional powers. When it comes to the major megatrends of our century, all of them, including digital transformation will be regional and multipolar, instead of being global and bipolar.

Governor Matolcsy, MNB, the Central Bank of Hungary

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