The massive economic crisis created by the coronavirus pandemic will change globalisation as we knew it — but it will still be globalisation, argues Pascal Lamy, the former director-general of the World Trade Organisation, in an interview with FN’s sister-publication Barron’s. In large parts of the world, he notes, globalisation is still viewed as the way out of poverty.

But Lamy also warns that a more resilient economy could be less efficient. And that the shifts triggered by the reshoring of value chains and the massive intervention of governments in the economy will create new frictions for world trade, which will be difficult to overcome due to the current low level of international cooperation.