Geopolitical shifts and the securitization of economic issues through instruments such as 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 US served as the central pillar of the international financial system, providing a governance framework widely viewed as rules-based, stable and predictable. Two main trends have led 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, have added to these concerns. This raises the question of whether (and for how long) they can continue to maintain this role as the primary provider of global safe assets.

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 US dollar is complemented or challenged by new financial alliances.