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.

Recommendations for policy-makers action these frameworks and offer pathways for designing a financial system that reflects the economic and geopolitical dynamics of the 21st century, ultimately making a case for the immense opportunity provided by enhanced coordination and integration.

The Navigating Global Financial System Fragmentation report represents a call to action from the private sector to protect the global financial system’s most essential elements, establishing the necessary conditions for efficient capital markets and enabling continued economic growth.