Against the background of increasing globalization of economic structures, the question of a "reasonable" division of labor between global and national economic policy is raised. On the one hand, the possibilities and limits of a global economic policy are shown. The need for action in current and potential fields of international policy coordination is critically examined. On the other hand, the paper addresses the challenges of national economic policy in the age of globalization. It shows how a forward-looking national economic policy - especially in the fields of labor market and education policy - would have to respond to the threat of possessions and traditional core competencies in order to ensure that in the future a country continues to participate in globalization gains.