# Navigating Global Financial System Fragmentation Convenes a diverse set of stakeholders to define a common set of norms, rules, and principles required to safeguard the integrity of the global financial system during a period of rising geopolitical complexity. [Learn more](https://initiatives.weforum.org/api/communities/v1/public/initiatives/site/page-redirect?initiative_id=3ae31b38-b7dc-4c79-b337-ad378c57728e&page_id=5353e06b-2d15-4d4e-806b-a6709738bc99) ## Designing frameworks to protect the integrity of the global financial system at a moment of rising geo-economic complexity. States are increasingly using the global financial system to advance their geopolitical ambitions, which risks fragmenting the system into discrete blocs. Global finance leaders must grapple with this trend and the increasingly dominant role that geo-economic statecraft, subsidies, and domestic capacity-building play in trade and investment flows, asset returns, and the cost and availability of capital across jurisdictions.Will the global financial architecture adapt along the lines of established norms formed during the post-World War II era, or enter a new chapter, defined by multipolar rules and alliances? ## Our focus areas ### Convening public and private leaders Convene leaders to generate actionable solutions, promote cooperation on issues such as anti-money laundering and combating terrorism financing, and identify ways to anchor geo-economic guardrails. ### Engaging the public and building coalitions Engage the public on the key features of the global financial system and the benefits of continued financial integration, and raise awareness of the tangible costs of fragmentation. ### Building thought leadership and producing insights Produce insights to inform stakeholders about the risks of politicizing the financial system and the costs of fragmentation, and to bolster the case for the establishment of geo-economic guardrails. ## Our impact We promote a better understanding of the global financial system, communicate the consequences of fragmentation, and develop policy approaches to safeguard the benefits of financial integration. ### Explaining the global financial system Cover the most recent developments in the global financial system by gathering key stakeholders and generating discussion through public panels, articles, and other media. [Explore](https://www.weforum.org/meetings/annual-meeting-of-the-new-champions-2024/sessions/tackling-financial-system-fragmentation/) ### Communicating the consequences of fragmentation Reveal the current and potential impacts of global financial system fragmentation through rigorous quantitative analysis. [Explore](https://www.weforum.org/publications/navigating-global-financial-system-fragmentation/) ### Formulating policy approaches for responsible economic statecraft Establish principles and rules of engagement to create a framework within which the global financial system can continue to contribute to prosperity while still respecting national sovereignty. [Explore](https://initiatives.weforum.org/api/communities/v1/public/initiatives/site/page-redirect?initiative_id=3ae31b38-b7dc-4c79-b337-ad378c57728e&page_id=7510d542-1048-4d7b-a65e-8bbdfedd0091) ## Featured insights [Discover more](https://initiatives.weforum.org/api/communities/v1/public/initiatives/site/page-redirect?initiative_id=3ae31b38-b7dc-4c79-b337-ad378c57728e&page_id=f71e4268-f198-4528-8fb8-073f7bcd1a6a) ### Deepening Divides: The Cost of a More Fragmented Financial System The period spanning 2025 and early 2026 marked a turning point for the global trade and financial systems as states deployed economic statecraft on a scale not seen in the modern era, accelerating and deepening fragmentation. This insight report offers new quantitative analysis that measures the economic drag of current trade and financial policies as well as the potential cost of an increasingly plausible worst-case scenario. [Read the report](https://www.weforum.org/publications/deepening-divides-the-cost-of-a-more-fragmented-financial-system/) ### Navigating Global Financial System Fragmentation As states increasingly use the global financial system to advance geopolitical objectives, there is a risk of financial system fragmentation. This report aims to measure the costs of fragmentation and proposes frameworks to both protect the integrity of the global financial system – emphasizing the eight important principles that underpin the effective functioning of financial services globally – and design economic statecraft policies that protect national security and sovereignty without reducing global prosperity. [Read the report](https://www.weforum.org/publications/navigating-global-financial-system-fragmentation/) ## Discover more about global financial system fragmentation [Read more](https://initiatives.weforum.org/global-financial-system-fragmentation/insights) ## Featured Content ### Is global trade and financial fragmentation here to stay? Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit. [Read more](https://www.weforum.org/stories/2026/06/is-global-trade-and-financial-fragmentation-here-to-stay/) ### The Cost of a More Fragmented Financial System Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit. ### Financial fragmentation: the $6 trillion cost of breaking the "plumbing" of global finance Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit. [Read more](https://www.weforum.org/podcasts/radio-davos/episodes/financial-fragmentation/) ### How war in the Middle East is turning governments into insurers of last resort Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit. [Read more](https://www.weforum.org/stories/2026/04/how-middle-east-war-turning-governments-into-insurers-last-resort/) ### The financial system is rebooting. Stakeholders must adapt Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit. [Read more](https://www.weforum.org/stories/2026/04/the-financial-system-is-rebooting-stakeholders-must-adapt/) ### Yesterday’s risk, today’s reality: A fragmented financial system Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit. [Read more](https://www.weforum.org/stories/2026/01/yesterday-risk-today-reality-fragmented-financial-system/) ### Why international finance centres like Hong Kong are crucial connectors in a fragmented world Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit. [Read more](https://www.weforum.org/stories/2025/03/international-finance-centres-hong-kong-crucial-connectors-fast-changing-world/) ### Not all economic statecraft is created equal Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit. [Read more](https://www.weforum.org/stories/2025/01/not-all-economic-statecraft-created-equal/) ### Get involved Learn about how your organization can engage with the Navigating Global Financial System Fragmentation initiative. [Get involved](https://initiatives.weforum.org/global-financial-system-fragmentation/get-involved)