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 by economist Paola Subbachi 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. Rules and institutional governance need to be adjusted, the author argues, to reflect the present dynamics of the world economy so that policy cooperation can be underpinned by “strong, balanced, sustainable and inclusive growth”.