Country Risk Research Articles

Multi-Year Multi-Indication Agreements for Supporting Patient Access to Oncology Medicines with Multiple Indications: An Experimental Approach or Here to Stay?

Over the past decade, an increasing number of oncology medicines with indications for multiple cancer types have been delivering benefits to patients. To ensure these products reach patients, pricing and reimbursement systems have had to adapt to address the value assessment, time-to-access, affordability, and budget uncertainty challenges this creates. Multi-year multi-indication (MYMI) agreements are made between payers and manufacturers and aim to ensure that patients have access to effective treatments for multiple conditions over time; this includes future indications of the treatment. MYMI agreements were first introduced as a solution in several European countries in 2017, offering a range of potential benefits. MYMI agreements have since demonstrated evidence of success in mitigating many of the challenges associated with assessing and reimbursing multi-indication products, time-to-patient access, and budget impact. The purpose of this article is to discuss the recent progress made with MYMI implementation across countries and provide a view on whether it is delivering for patients, healthcare systems, and innovators. We find that MYMI is not a one-size-fits-all solution but a model that needs to be adapted to the unique needs and characteristics of different healthcare systems. The intended benefits of MYMI to patients (speed and breadth of access to new indications) appear to have been realised in practice in some countries but not all. However, the administrative burden associated with MYMI implementation in some countries risks jeopardising the intended efficiency benefits. Payers and policymakers can also benefit from improved budget predictability and sustainability.

The impact of political, financial, and economic risks on energy transition: the role of natural resource rents

The global emphasis on energy transition arises from the recognition of fossil fuel reliance exacerbating environmental degradation. The transition to cleaner, renewable energy sources stands central in mitigating climate change and promoting sustainability. This paper explores the influence of country risks, particularly political, financial, and economic, on energy transition while considering the role of natural resource rents. Using data spanning 88 countries from 2006 to 2020, categorized by income levels, the analysis reveals distinct patterns. Low political and financial risks exhibit a negative correlation with energy transition, while low economic risks display a positive association. The study identifies threshold effects: higher resource rents worsen the negative impact of low political and financial risks and weaken the positive effects of low economic risk on energy transition. These relationships differ among countries with different income levels. These insights highlight the nuanced interplay between country risks, natural resource rents, and the trajectory of the energy transition, crucial for steering societies toward sustainable development pathways.

What’s happening in the kitchen? The influence of nutritional knowledge, attitudes and, practices (KAP), and kitchen characteristics on women’s dietary quality in Ethiopia

BackgroundLow dietary quality significantly contributes to public health risks in low-income countries. This situation is particularly concerning for vulnerable groups, such as women and children, who are at increased risk of malnutrition due to inadequate access to proper nutrition. This study aimed to assess the influence of nutrition-related knowledge, attitudes, and practices, and kitchen characteristics on women’s dietary quality in Ethiopia.MethodA population-based cross-sectional survey was conducted from August to September 2022 in five regions and two city administrations in Ethiopia. A multistage stratified cluster sampling method was employed. From ninety-nine enumeration areas, twenty eligible households were selected. A total of 1,980 women aged 15–49 years were included in this survey. The data were collected using a structured questionnaire about socio-demographic characteristics, food frequency, 24-hour dietary recall, and nutrition-related knowledge, attitudes, and practices. The determinants of dietary quality were identified using Poisson, logistic, and ordinary least square regression analyses. Variables with a p-value less than 0.05 were considered to indicate statistical significance.ResultsThe results showed that the average dietary diversity score for women was 3.4 ± 0.85. Only 21.5% of the participants achieved the minimum dietary diversity for women (MDD-W), and the mean adequacy ratio for nutrients was 61.6%. The participants’ average nutrition-related knowledge, attitudes, and practices scores were 63%, 39%, and 23%, respectively. The regression analysis showed knowledge and attitude positively associated with dietary diversity and the mean nutrient adequacy ratio (P < 0.01). Cooking time and propensity to prepare new food were also positively associated with dietary diversity and with minimum dietary diversity (P < 0.01).ConclusionOur study showed that good nutrition-related knowledge and a positive attitude toward nutrition positively and significantly influence dietary quality, along with cooking time and the propensity to prepare new foods.

Performance of the pooled cohort equations and D:A:D risk scores among individuals with HIV in a global cardiovascular disease prevention trial: a cohort study leveraging data from REPRIEVE.

Risk estimation is an essential component of cardiovascular disease prevention among people with HIV. We aimed to characterise how well atherosclerotic cardiovascular disease (ASCVD) risk scores used in clinical guidelines perform among people with HIV globally. In this prospective cohort study leveraging REPRIEVE data, we included participants aged 40-75 years, with low-to-moderate traditional cardiovascular risk, not taking statin therapy. REPRIEVE participants were enrolled from sites in 12 countries across Global Burden of Disease Study (GBD) regions. We assessed the performance of the pooled cohort equations (PCE) risk score for ASCVD and the data-collection on adverse effects of anti-HIV drugs (D:A:D) risk score. We calculated C statistics, observed-to-expected (OE) event ratios, and Greenwood-Nam-D'Agostino goodness-of-fit (GND) statistics, overall and in subgroups by race, sex, and GBD regions (clustering low-income and middle-income countries and high-income countries). We did a recalibration for PCE risk score among people with HIV in high-income countries. REPRIEVE was registered with ClinicalTrials.gov, NCT02344290. We included 3893 participants, recruited between March 26, 2015, and July 31, 2019. The median age was 50 years (IQR 45-55), with 2684 (69%) male and 1209 (31%) female participants. 1643 (42%) were Black or African American, 1346 (35%) participants were White, 566 (15%) were Asian, and 338 (9%) were recorded as other race. Overall, discrimination of the PCE risk score was moderate (C statistic 0·72 [95% CI 0·68-0·76]) and calibration was good (OE event ratio 1·11; GND p=0·87). However, calibration suggested overprediction of risk in low-income and middle-income countries and corresponding underprediction in high-income countries. When restricted to high-income countries, we found underprediction (OE event ratio >1·0) among women (2·39) and Black or African American participants (1·64). Findings were similar for the D:A:D risk score (C statistic 0·71 [0·65-0·77]; OE event ratio 0·89; p=0·68). Improved calibration of the PCE risk score in high-income countries was achieved by multiplying the original score by 2·8 in Black or African American women, 2·6 in women who were not Black or African American, and 1·25 in Black or African American men. Among the global cohort of people with HIV in REPRIEVE, the PCE risk score underpredicted cardiovascular events in women and Black or African American men in high-income countries and overpredicted cardiovascular events in low-income and middle-income countries. Underprediction in subgroups should be considered when using the PCE risk score to guide statin prescribing for cardiovascular prevention among people with HIV in high-income countries. Additional research is needed to develop risk scores accurate in predicting ASCVD among people with HIV in low-income and middle-income countries. US National Institutes of Health, Kowa Pharmaceuticals America, Gilead Sciences, and ViiV Healthcare.

The dynamic nexus between economic policy uncertainty, geopolitical risk, and natural resource rents of ASEAN-5 countries: Insights from the novel Fourier augmented ARDL method (FAARDL)

The dynamic nexus between economic policy uncertainty, geopolitical risk, and natural resource rents of ASEAN-5 countries: Insights from the novel Fourier augmented ARDL method (FAARDL)

Immunobiology of MPox Infection and Its Management: Experience From Developing Nations.

As humanity grapples with the COVID-19 pandemic caused by the novel SARS-CoV-2 virus, the rising threats of the MPox virus (MPXV) in 2022 and 2024 have shown signs of global transmission and the potential to spark another pandemic. Though MPXV has been present for over 5decades, with cases traditionally confined to endemic regions in West and Central Africa, recent outbreaks have occurred in multiple non-endemic regions, declaring itself as a Public Health Emergency of International Concern. This study aims to examine the patterns of MPXV transmission, its zoonotic potential, associated complications, and viable strategies to control its spread. The study examines recent outbreak data, case reports, and literature on MPXV transmission, emphasising zoonotic pathways and healthcare-associated cases. A bibliometric analysis has also been performed to deepen the understanding and identify emerging research trends. The findings suggest that while MPXV has traditionally been endemic in certain regions of Africa, recent outbreaks indicate an increased transmission risk in non-endemic countries, raising concerns about potential global spread. Data reveals that much of the transmission has occurred within healthcare settings. Additionally, global research on the outbreak remains limited and requires further exploration from various perspectives, emphasising the need for prompt intervention. Containing MPXV's spread is essential to prevent another potential pandemic. Effective management and control strategies, including enhanced surveillance, public health interventions, and targeted education within at-risk communities, are critical to mitigate the spread and impact of MPXV globally. This study advocates for a proactive approach to MPXV control to avoid its escalation into a widespread health crisis.

Navigating Country Risk: Impacts on Foreign Direct and Portfolio Investment in Egypt

Navigating Country Risk: Impacts on Foreign Direct and Portfolio Investment in Egypt

Credit default swaps prediction by using an FTS-ANN model

Credit Default Swap (CDS) is a derivative instrument that serves as insurance against the credit risk of countries or firms. Especially, since the 2008 global crisis, it has received much attention as a risk indicator in financial markets. Given the role played by CDS prices in determining the creditworthiness of banks, corporations or countries, even in predicting financial crisis, it is clear that there has been a need for models that can produce results close to real values due to the nonlinear and chaotic nature of CDS prices in fragile economies. In this study, Türkiye is analyzed as a fragile economy with a high CDS premium. To do this, the artificial neural network (ANN) is combined with the fuzzy time series (FTS) in order to construct a novel model called FTS-ANN. Based on this novel model, the predicted results are evaluated using different well-known statistical techniques. It is found that the epoch and regression $R$ values of the proposed model are 8 and 0.99554. This shows that our model outperforms other models. Finally, the expected contribution of our model is that this model, which gives very good results for a fragile economy like Türkiye, can be adapted to the CDS values of other countries.

Угрозы для национальных экономик со стороны бесконтрольного движения капитала и механизмы их купирования

The financial authorities of many countries involved in the process of globalizing the world economy are observing the positive consequences of including their country in a single financial network, forgetting about the need to monitor potential threats. The increasing volume of cross-border transactions creates the illusion of improving the national economy, since along with capital imported from abroad, the country gets the opportunity to boost its economic development. The international movement of capital (IMC), being an integral part of globalization, creates the misconception that there are inexhaustible resources for the development and further accumulation of national wealth, but foreign investors are not always interested in the development of the economy of their host country. False expectations from capital coming from abroad create excessively high risks for the national economy, which is confirmed by numerous examples of the implementation of these risks in many countries that have entrusted their economic well-being to the process of globalization. The purpose of this article is to substantiate the existence of risk from uncontrolled cross-border transactions. The practical significance of the article is expressed in the assessment of the effectiveness of the control mechanisms used in different countries for MDK in crisis situations. This article examines examples of the negative impact of the IMC on the economies of Argentina (2011-2016), India (1991-1995) and Malaysia (1997-1998) based on statistics from the IMF and the World Bank, as well as the experience of these countries in overcoming financial problems that arose due to insufficiently strict capital control policies. The analysis made it possible to assess the need and effectiveness of using strict administrative control mechanisms for IMC in a crisis. However, this article does not provide a universal methodology for determining the most effective control mechanisms, which may be the subject of study in future studies.

Polygenic score distribution differences across European ancestry populations: implications for breast cancer risk prediction

BackgroundThe 313-variant polygenic risk score (PRS313) provides a promising tool for clinical breast cancer risk prediction. However, evaluation of the PRS313 across different European populations which could influence risk estimation has not been performed.MethodsWe explored the distribution of PRS313 across European populations using genotype data from 94,072 females without breast cancer diagnosis, of European-ancestry from 21 countries participating in the Breast Cancer Association Consortium (BCAC) and 223,316 females without breast cancer diagnosis from the UK Biobank. The mean PRS was calculated by country in the BCAC dataset and by country of birth in the UK Biobank. We explored different approaches to reduce the observed heterogeneity in the mean PRS across the countries, and investigated the implications of the distribution variability in risk prediction.ResultsThe mean PRS313 differed markedly across European countries, being highest in individuals from Greece and Italy and lowest in individuals from Ireland. Using the overall European PRS313 distribution to define risk categories, leads to overestimation and underestimation of risk in some individuals from these countries. Adjustment for principal components explained most of the observed heterogeneity in the mean PRS. The mean estimates derived when using an empirical Bayes approach were similar to the predicted means after principal component adjustment.ConclusionsOur results demonstrate that PRS distribution differs even within European ancestry populations leading to underestimation or overestimation of risk in specific European countries, which could potentially influence clinical management of some individuals if is not appropriately accounted for. Population-specific PRS distributions may be used in breast cancer risk estimation to ensure predicted risks are correctly calibrated across risk categories.

Тіньові ліквідні капітали, рекапіталізація економіки і протидія відмиванню коштів

Introduction. The scale of losses from the war significantly exceeds the financial capabilities of the state and the banking sector, which necessitates the search for sources of recapitalization of the economy. One of these sources can be the shadow capital, the identification of factors that stimulate their reinvestment in the recovery of Ukraine is an urgent scientific task. Problem Statement. Scientific literature in the field of the shadow economy identifies it as the share of shadow income in GDP, leaving out the accumulation of shadow capitals. There is a lack of a scientifically based approach to assessing the amount of such capital and determining the factors of their reinvestment in the economy. The problem acquires special importance against the background of the long war against Ukraine and the significant scale of financing necessary for the economic recovery. The purpose of the study is to determine the potential volumes of shadow liquid capital, to study the factors affecting their circulation and to outline, on this basis, the conceptual framework for activating their reinvestment in the economy of Ukraine. Methods. Amounts of accumulated shadow liquid capital are determined by the combination of direct and indirect methods. To take into account the peculiarities of business financing in Ukraine, which consist in the replacement of equity capital with quasi-debts, investment volumes are calculated as the sum of loan and equity capital flows. The relationship between investment volumes presented in the format of a share of GDP and classical factors of influence on investment activity (expected weighted average cost of capital and country risk premium) is investigated. Results. Algorithms for calculation have been developed and trends in the circulation of shadow liquid capital, which are only partially explained by the country risk premium (CRP), have been summarized. Additional explanations for the relative weakness of such a relationship were found - idiosyncratic risks inherent in non-financial business, awareness of the peculiarities of doing business, additional costs for compliance with anti-money laundering legislation, the influence of individual components of political risk - “external conflict" and “government stability". Conclusions. Shadow capital can play an important role in financing recovery of the economy, provided that systematic risk is reduced and this task is identified as a priority in the strategy of detinization of the economy. Promising directions of research are the formalization and implementation in systematic risk premium the additional factors of investment of shadow capitals.

Fusing multi-model climate risk assessment and insurance profitability prediction: a machine learning-based cross-country comparative analysis

Climate change-induced increases in the frequency and intensity of extreme weather events year after year pose a significant challenge to the profitability of the global insurance industry. Traditional risk assessment models have limitations in predicting insurance profitability due to the difficulty in coping with the nonlinearity and complexity of climate risk. To this end, this study proposes a multi-model fusion approach that combines fuzzy assessment models, entropy weighting, linear regression, and machine learning models (LightGBM &amp; XGBoost) to assess the impact of climate risk on the profitability of the insurance industry. By analyzing cross-country empirical data from the U.S. and U.K. insurance markets, this study reveals the differences and challenges in coping with climate risk in different countries. The findings show that climate risk significantly affects the profitability of insurance companies and that machine learning models exhibit higher accuracy and reliability in risk prediction compared to traditional methods. This paper provides an empirical basis for insurers and policymakers to address the economic impacts of climate change and makes recommendations for optimizing insurance risk management.

A Country Risk Assessment from the Perspective of Cybersecurity in Local Entities

The number of vulnerabilities identified annually has increased substantially, thereby raising the risks associated with online services. The implementation of cybersecurity management measures in accordance with the European NIS2 Directive is optional at the local authority level. This study analyzes the external perimeter of nearly 7000 municipalities and proposes a simplified security framework that provides a comprehensive view of security across regions. A complete data set was assembled on the Technological and Competence profiles of all municipalities in Spain over a two-year period. The data were gathered from the external perimeter in relation to security, availability and SEO posture areas. A survey was conducted to determine the level of concern among citizens regarding cybersecurity issues in online municipal services, with 188 respondents. Some regions were identified as exhibiting particularly high and homogeneous levels of security. In contrast, other regions were found to be below the expected level. The presence of supra-local entities, such as the “Diputaciones”, has been demonstrated to facilitate the harmonization of regional security, while simultaneously reducing technological fragmentation and operational expenditure.

Unveiling the link of country compliance, risks, and cost of capital in socially responsible investing

The study provides empirical evidence on the cost implications of socially responsible investing (SRI) in relation to Environmental, Social, and Governance (ESG) preferences. Specifically, it examines whether socially responsible investors incur higher costs to meet non-pecuniary goals and how government involvement can offer rewards to socially responsible investors in supporting the realization of the United Nations’ Sustainable Development Goals (SDGs). Using panel data regression, this study analyzes ESG scores and financial and return data of 1,450 firm-year observations in ASEAN-5 countries over the period 2015–2022. The findings reveal that firms implementing ESG practices experience an increase in their cost of capital (CoC), supporting the notion that ESG investment requires a sacrificial cost. Even firms with low operational risks face rising CoC when implementing ESG principles. However, the study also finds that firms located in countries with better government effectiveness and stronger control of corruption benefit from a reduction in CoC, despite ESG implementation. Conversely, country risks, particularly those related to environmental pollution, exacerbate the CoC for firms adhering to ESG criteria. Overall, the results suggest that while country-level governance can reward socially responsible investors by mitigating CoC, country risks such as pollution pose additional burdens, highlighting the need for government intervention to incentivize SRI and align it with global sustainability goals. AcknowledgmentThis research was funded by the Indonesian Ministry of Education, Research, and Technology (DRTPM), Fundamental Research Grant in 2024 [0609.10/LL5-INT/AL.04/2024,359/D.01/LPPM/2024].

Institutions and Economic Growth: A Panel Granger Causality Analysis

This paper revisits the direction of causality between institutions and economic growth for a sample of 119 countries over the period 1999-2018, divided into four groups according to income level: high income, upper middle income, lower middle income and low income. The study uses two institutional datasets, the International Country Risk Guide (ICRG) for the main estimation and the World Governance Indicators (WGI) for check the robustness of the results. Using the non-causality Granger test in a heterogeneous panel model with fixed coefficients, developed by Dumitrescu and Hurlin (2012), the empirical results show a unidirectional relationship for all panels except for lower middle-income countries, where causality is bidirectional. The findings also suggest that causality patterns are heterogeneous and depend on the level of development of the countries. Based on these results, we propose some interesting recommendations. The types of reforms to prioritize must be determined according to the direction of causality between institutions and economic growth. Moreover, heterogeneous causality implies the implementation of different policies adapted to the level of development of each panel, rather than considering a common policy.

Corporate social responsibility in emerging markets: the role of reciprocity in business-government relations

PurposeDespite the rapid growth of corporate social responsibility (CSR) in emerging markets, there remains a need in the current literature for deeper insights into the factors influencing CSR practices in these contexts. This study aims to address this research gap and enhance the discourse on CSR in emerging markets by exploring the reciprocal relationship between business and government and its potential role in driving firms’ CSR efforts in these burgeoning economies.Design/methodology/approachThe study is grounded in the theory of reciprocity and integrates insights from existing literature to posit that, within a reciprocal relationship, firms respond positively to government regulatory support by actively participating in CSR initiatives. To test this hypothesis, data from prominent sources, including the CSRHub database, the World Bank’s Ease of Doing Business, and the International Country Risk Guide, are gathered, yielding a sample of nearly 1,500 firms operating in diverse emerging markets. A series of empirical tests are then conducted to validate the existence of the reciprocal relationship and its influence on firms’ CSR efforts.FindingsThe findings reveal strong evidence of a reciprocal relationship between business and government in emerging markets. When the government provides favorable regulatory support, firms tend to reciprocate by shouldering greater responsibility in promoting societal well-being, specifically through active participation in CSR initiatives directed toward the well-being of the community in which they operate. These findings are robust across various estimation methods.Research limitations/implicationsThe study advances the understanding of CSR in emerging markets and provides valuable insights into the role of reciprocity in promoting CSR in real-world settings. This offers promising avenues for future theoretical and empirical research in the field of CSR.Practical implicationsPolicymakers are urged to recognize the significance of business-government relations in fostering CSR. Developing a supportive regulatory environment can motivate firms to invest in CSR, benefiting both businesses and the communities they serve. For businesses, aligning CSR initiatives with community needs can foster a mutually beneficial relationship with the government, leading to greater social benefits and competitive advantages.Originality/valueTo the best of the authors’ knowledge, this study pioneers the application of the reciprocity theory to explain the interplay between business and government in shaping firms’ CSR endeavors in emerging markets.

The impact of country risk on nickel supply chain: based on complex network and panel regression analysis

Nickel is an important key resource and plays an increasingly important role in new energy technologies. The stability of its worldwide supply chain is crucial for addressing country risks and unforeseen events. To explore the impact of country risks on the stability of the global nickel supply chain, this study conducts a complex network analysis and panel regression analysis on nickel ore, ferro-nickel, and the stainless-steel trade data from 2000 to 2022. The study reveals the mechanisms by which economic and political risks affect the trade structure of nickel commodities and identifies the drivers of global nickel supply chain patterns. The study finds that an increase in economic risk promotes diversification of supply sources, while political risk hurts export scale and resource control ability. Industrial structure adjustments and R&amp;amp;D investments have a significant impact on trade structure, especially on the stainless-steel trade. China is a major consumer and importer, and occupies a central position in the global nickel trade network, while Indonesia and the Philippines’ policy changes have a significant impact on the market. This study provides an empirical basis for the risk management of the global nickel supply chain and a scientific basis for policy formulation and strategic planning.

The impacts of different types of globalization on energy security risk: Can globalization be a remedy for the energy security risk of OECD countries?

This study analyzes the impact of globalization and its sub-dimensions on energy security risk for OECD countries. In our study, annual data of 26 OECD countries for the period 1980-2018 were used. Second generation panel data techniques were used as the methodology. The results of the analysis show that economic, political and aggregate globalization increases energy security risk, while social globalization is statistically insignificant. The Dumitrescu-Hurlin panel causality test results demonstrate that there is a unidirectional causality relationship between inflation and energy security risk, and a bidirectional causality relationship between economic globalization, social globalization, political globalization, aggregate globalization, GDP and Gross Fixed Capital Formation and energy security risk. The study also analyzed how the impact of globalization on energy security risk varies across countries. The results of the analysis reveals that there are significant differences in the direction, significance and coefficient size of the relationship across countries. These findings suggest that the effects of globalization on energy security risks vary across countries. Therefore, countries should develop policies to minimize energy security risks by taking into account their own dynamics.

China Trade Exposure Index : Using principal component analysis to compare countries’ exposure to the Chinese economy

This paper studies countries’ economic dependence on China through trade. As China’s importance in the world economy has grown significantly in recent years, developments in China will increasingly be reflected in its trading partners’ economic performance. Therefore, measuring and identifying countries’ economic exposure to China has become increasingly relevant. Responding to the need by risk management practitioners in financial institutions, the paper builds a tool to measure and compare countries’ exposure to the Chinese economy through trade channels, using principal component analysis. The resultant China Trade Exposure Index ranks countries based on their economic dependence on trade with China. The utilisation possibilities of the index are broad, yet the most obvious application is in financial institutions’ stress testing exercises. Indeed, the index can be used in a China-specific stress testing scenario to transmit a shock to other countries according to their China dependence. To validate the relevance of the index, the paper further shows that the China Trade Exposure Index is significant in explaining countries’ cyclical economic growth co-movement with China, with a higher ranking implying a stronger real gross domestic product (GDP) growth correlation. Therefore, the China Trade Exposure Index helps global investors, risk professionals and policymakers in analysing potential China-related country risks.

Multi-vector Approach in the Foreign Policy of the Post-Soviet Countries: Current Issues and Trends

Multi-vectorism as a principle of foreign policy has been implemented by the CIS countries since the mid-1990s. Over 30 years, experience has been accumulated that allows us to judge the basis of real policy and multi-vectorism as a discourse in the information field. The attitude towards multi-vectorism in the foreign policy of the post-Soviet countries is very different, ranging from purely positive (mainly from the country’s political experts) to extremely skeptical (the Russian political science school). The article presents the results of the expert session of the Center for Research of International Humanitarian Communications of the Patrice Lumumba RUDN University “Multi-vectorism in Foreign Policy: Current Problems”, which took place on October 8, 2024 and discussed the problems of multi-vectorism: what are the limits of multi-vectorism as a means of maneuvering of post-Soviet political elites in the context of the emerging multipolar model of international relations, are common rules of the game possible for countries of different economic importance, what is the significance of situational alliances and temporary coalitions in the context of multi-vectorism. Based on the results of the discussion, the researchers came to the conclusion that multi-vectorism is an effective tactical resource of major playersmoderators, leaders of integration associations and military blocs, used to achieve strategic objectives in the areas of memorial policy, macro-regional security, humanitarian and economic cooperation. With such a balance of forces, middle-level countries risk becoming led and controlled objects of foreign policy ambitions of third countries.