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In collaboration with
Oliver Wyman

Navigating Global
Financial System
Fragmentation

I N S I G H T R E P O R T
J A N U A R Y  2 0 2 5

Images: Getty Images, Shutterstock

Contents


Foreword                                                     3

Executive summary                                              4

Introduction                                                    8

1  Past, present and future of the global financial system                 9

     1.1  The US dollar’s centrality                                10

     1.2  Integration of a global system                             11

     1.3 Use of the financial system for economic statecraft            12

     1.4  Multipolarity and pressures for fragmentation                 14

2 What are the costs of a fragmented financial system?                16

     2.1  Macroeconomic impact                                 16

     2.2  Impact on EMDEs                                     20

     2.3  Impact on financial institutions                            22

3  Guardrails to protect the global financial system                     25

     3.1  Principles to Safeguard the Global Financial
         System from Fragmentation                              25

     3.2  Rules of Engagement for Responsible Economic Statecraft      28

     3.3 A positive vision for the financial system                     31

4  Policy recommendations: A framework for action                    32

     4.1  Contend with existing financial fragmentation                 33

     4.2  Resist further system fragmentation                        35

     4.3  Reform the global financial system                         36

     4.4  Concluding thoughts                                   37

Appendix: Key terminology                                       38

Contributors                                                  39

Endnotes                                                    42





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