世界经济论坛-应对全球金融体系碎片化（英）-2025.1_46页_13mb

报告摘要

Global Financial System Fragmentation Summary

The World Economic Forum's "Navigating Global Financial System Fragmentation" report identifies key principles and rules of engagement to mitigate systemic fragmentation. Here is a concise summary:

Core Principles

Rule of Law: Ensure impartial enforcement across the financial system to maintain trust.
Property Rights: Respect ownership to encourage investment without unilateral expropriation.
FMIs: Harmonize regulations and avoid politicizing financial market infrastructures like SWIFT.
Policy Shielding: Secure independent fiscal/monetary policies and shield from competitive interference.

Rules of Engagement for Economic Statecraft

Use targeted measures with cost-benefit analyses.
Prioritize economic inducements over punitive actions.
Protect populations/vulnerable actors through exemptions.
Promote collaboration on consensus areas like combating financial crime.

Policy Recommendations

Contend with fragmentation: Strengthen guardrails and stress-tests.
Resist further fragmentation: Deepen regional integration and oppose distinct blocs.
Reform the system: Increase EMDE representation, form industrial policies.
Safety Net: Strengthen GFSN to aid EMDEs.

Guardrails

Principles: Define law, protect property, avoid expropriation, regulate FMIs.
Impact Analysis: Fragmentation can lead to up to $5.7 trillion GDP loss, hyperinflation, and EMDE vulnerability.

The report underscores that while fragmentation risks economic instability, proactive measures can balance state sovereignty with global cooperation.

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