Answer: World Economic Forum (WEF)
Notes: The World Economic Forum (WEF) released the "Navigating Global Financial System Fragmentation" report, urging policymakers to promote an integrated financial system. Fragmentation of Global Financial Systems (GFS) refers to differences in asset prices or capital movement across borders, leading to increased tariffs, sanctions, and export controls. The World Economic Forum's report highlights that geopolitical actions, such as sanctions and industrial policies, are driving this fragmentation. The impact could reduce trade, cross-border capital flows, and economic efficiencies, and increase global inflation by over 5% in extreme cases.
