At its core, the process of globalization has involved an expansion of international trade. Economists have emphasized the various benefits of trade, but an open issue is to what extent it affects the stability of our economies: does trade help cushion country- or region-specific “shocks”, or does it spread and amplify them? Silvana Tenreyro is a Professor of Economics at London School of Economics and an External Member of the Monetary Policy Committee at the Bank of England. Her research is focused on international economics and monetary policy and is published in top academic journals. She is currently also the President of the European Economic Association.