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Glossary

Globalisation of the economy

Globalisation refers to the phenomenon of the opening up of economies and borders, resulting from the increase in trade and capital movements, the movement of people and ideas, spread of information, knowledge and technology and from a process of deregulation. This process, both geographic and sectoral, is not recent but has been accelerating in recent years.

While globalisation is the source of many opportunities, it remains one of the greatest challenges facing the European Union today. In order to exploit fully the growth potential arising from this phenomenon and ensure that its benefits are shared fairly, the EU is working on setting up, via multilateral governance, a model for sustainable development aimed at reconciling economic growth, social cohesion and environmental protection.

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