1、Navigating Global Financial System FragmentationI N S I G H T R E P O R TJ A N U A R Y 2 0 2 5In collaboration with Oliver WymanImages:Getty Images,ShutterstockContentsForeword 3Executive summary 4Introduction 81 Past,present and future of the global financial system 91.1 The US dollars centrality 1

2、01.2 Integration of a global system 111.3 Use of the financial system for economic statecraft 121.4 Multipolarity and pressures for fragmentation 142 What are the costs of a fragmented financial system?162.1 Macroeconomic impact 162.2 Impact on EMDEs 202.3 Impact on financial institutions 223 Guardr

3、ails to protect the global financial system 253.1 Principles to Safeguard the Global Financial System from Fragmentation 253.2 Rules of Engagement for Responsible Economic Statecraft 283.3 A positive vision for the financial system 314 Policy recommendations:A framework for action 324.1 Contend with

4、 existing financial fragmentation 334.2 Resist further system fragmentation 354.3 Reform the global financial system 364.4 Concluding thoughts 37Appendix:Key terminology 38Contributors 39Endnotes 42Disclaimer This document is published by the World Economic Forum as a contribution to a project,insig

5、ht area or interaction.The findings,interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum,nor the entirety of its Members,Partn

6、ers or other stakeholders.2025 World Economic Forum.All rights reserved.No part of this publication may be reproduced or transmitted in any form or by any means,including photocopying and recording,or by any information storage and retrieval system.Navigating Global Financial System Fragmentation2Th