The retreat from globalisation: Threats and opportunities for financial market infrastructures
Cross-border payments and securities transactions have grown sharply since the 1970s, as exchange controls were relaxed and barriers to trade across borders were lowered. Financial market infrastructures (FMIs) have evolved in line with the growing volumes of cross-border activity. Much of this progress was dependent on official support, and often driven by it. This session will ask whether recent geopolitical developments in Europe and the United States mark a halt to the long process of globalisation, and assess the threats and opportunities less open economies might present to FMIs.