Geopolitical shifts and the securitization of economic issues – through instruments like tariffs, export restrictions, and investment screenings – are fundamentally reshaping economic and trade relationships. As the WTO-led multilateral trade system comes under growing strain, both governments and businesses are placing greater emphasis on securing reliable access to markets, supply chains, and critical raw materials.

For decades, the United States served as a central pillar of the international financial system, providing a governance framework widely viewed as rules-based, stable, and predictable. Two main trends lead observers to question its viability. The US share of the global economy has declined significantly as former developing countries have experienced rapid growth. At the same time, the robustness of the US economic and political governance system has increasingly been questioned. The substantial rise in US public debt - along with projections of further increases - has added to these concerns. This bears the question whether - and for how long - the United States can continue to maintain this role as the primary provider of global safe asset.

This session aims to discuss the next phase of (de)globalization and the potential shift towards a multi-currency world where the traditional dominance of the dollar is complemented or challenged by new financial alliances.