During the last twenty years, financial globalization has strongly stimulated world growth. But it entailed a negative consequence: the spread of the financial crisis all over the world. This crisis demonstrates how necessary a new world governance system is. It must be implemented on two levels: at the economic level, in order to reduce the recession's stretch and its duration; at the monetary and financial level, in order to dodge, or at least to limit the importance of future crises.

André Lévy-Lang, former president of the board at Paribas until its fusion with BNP in 1999, is an emeritus associate professor at Université Paris-Dauphine and a company manager.

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