STUDY ECONOMY AND FINANCE DE-RISKING THE GLOBAL FINANCIAL SYSTEM Forging a‘new consensus’ • 75 years of globalization have produced a highly integrated global economy, but now globalization is reversing due to geopolitical divisions and their impact on international policy cooperation. • This report explores the risks of fragmentation – where debt restructuring and payments systems lack cohesion and where other rules and standards diverge – in the international financial and monetary systems. Paola Subacchi August 2023 • Rules and institutional gover­nance need to be adjusted to reflect the present dynamics of the world economy so that policy cooperation can be underpinned by“strong, balanced, sustainable and inclusive growth”.