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To prepare the world to confront the challenges posed by globalization and technological development in a way that supports sustainable and equitable growth, governance institutions and regulations at both the national and international levels must be drastically improved.Beyond regional bodies like the European Union, international financial governance has remained largely untouched.Worse, because the partial fixes to the financial system will enable even more globalization, they will end up making matters worse, as strain on already-inadequate governance and regulatory frameworks increases, not only in finance, but also in other economic and technological fields.Meanwhile, enormous financial investments focused on securing a higher rate of return are likely to fuel technological innovation, further stressing regulatory systems in finance and beyond.Because of the financial sector's growth, more actors benefit from underregulation and weak governance in the short term, making today's crises more difficult to prevent.Complicating matters further, the systems affected by today's crises extend well beyond any one regulatory body's jurisdiction. To be sure, as the Hertie School's 2018 Governance Report shows, there have been some improvements in preparing for and managing crises.
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