73. United Nations Office for Disarmament Affairs. (2022, March). The UN norms of responsible state behaviour in cyberspace. http://documents.unoda.org/wp-content/uploads/2022/03/The-UN-norms-of-responsible-state-behaviour- in-cyberspace.pdf 74. United Nations Office on Drugs and Crime. (n.d.). G20 High-Level Principles on Preventing and Combating Corruption in Emergencies. Retrieved October 3, 2024, from https://www.unodc.org/documents/corruption/G20-Anti-Corruption- Resources/Principles/2021_G20_High-Level_Principles_on_Preventing_and_Combating_Corruption_in_Emergencies.pdf 75. Megaw, N., Darbyshire, M., & Fontanella-Khan, J. (2024, July 5). How the investment world is trying to navigate geopolitics. Financial Times. www.ft.com/content/23ce295d-bf65-47fd-bebd-808b5a7bcab5?shareType=nongift 76. Financial Stability Board. (2024, 21 October), G20 Roadmap for Enhancing Cross-Border Payments. www.fsb.org/ uploads/P211024-1.pdf 77. Portilla, A., Fujimori, J., Boer, M., & Tara, Y. (2019, January). IIF report on market fragmentation and need for regulatory cooperation. Institute of International Finance. https://www.iif.com/Publications/ID/3222/IIF-Report-on-Market- Fragmentation-and-Need-for-Regulatory-Cooperation 78. Ibid. 79. Aiyar, S., et al. (2023, January 15). Geoeconomic fragmentation and the future of multilateralism. International Monetary Fund Staff Discussion Notes. https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2023/01/11/ Geo-Economic-Fragmentation-and-the-Future-of-Multilateralism-527266 80. Strauch, R., & Giammarioli, N. (2024, May 31). Stronger together: Safeguarding financial stability in a fragmented world. European Stability Mechanism. https://www.esm.europa.eu/blog/stronger-together-safeguarding-financial-stability- fragmented-world 81. Egan, B. J., Leiter, M. E., & Sullivan, T. O. (2023, December 13). “Small yard and high fence”: US national security restrictions will further impact US–China trade and investment activity in 2024. Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates. https://www.skadden.com/insights/publications/2023/12/2024-insights/other-regulatory- developments/small-yard-and-high-fence 82. Strauch, R., & Giammarioli, N. (2024, May 31). Stronger together: Safeguarding financial stability in a fragmented world. European Stability Mechanism. www.esm.europa.eu/blog/stronger-together-safeguarding-financial-stability-fragmented-world 83. Lagarde, C. (2023, April 17). Central banks in a fragmenting world. European Central Bank. https://www.ecb.europa.eu/ press/key/date/2023/html/ecb.sp230417~9f8d34fbd6.en.html 84. Kumar, A., Chhangani, A., Lassiter, J., & Haar, K. (2024, April 10). Standards and interoperability: The future of the global financial system. Atlantic Council. https://www.atlanticcouncil.org/in-depth-research-reports/issue-brief/ standards-and-interoperability-the-future-of-the-global-financial-system/ 85. Ibid. 86. Draghi, M. (2024, September 9). EU competitiveness: Looking ahead. European Commission. https://commission. europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en 87. Glasgow Financial Alliance for Net Zero. (2023, December 1). Mobilizing capital in and to emerging markets. BloombergNEF. https://assets.bbhub.io/professional/sites/24/Mobilizing-Capital-in-and-to-EMDEs.pdf 88. Chivvis, C. S., & Geaghan–Breiner, B. (2024, April 9). Emerging powers and the future of American statecraft. Carnegie Endowment for International Peace. https://carnegieendowment.org/research/2024/04/emerging-powers-and-the-future- of-american-statecraft?lang=en 89. Fillingham, Z. (2024, October 16). The Lobito Corridor: Washington’s answer to belt and road in Africa. Geopolitical Monitor. https://www.geopoliticalmonitor.com/the-lobito-corridor-washingtons-answer-to-belt-and-road-in-africa 90. European Commission. (n.d.). Global gateway. Retrieved October 7, 2024, from https://commission.europa.eu/strategy- and-policy/priorities-2019-2024/stronger-europe-world/global-gateway_en 91. Devdiscourse. (2024, 19 November). AFC secures $300m India-focused loan to propel African infrastructure growth. www. devdiscourse.com/article/business/3161816-afc-secures-300m-india-focused-loan-to-propel-african-infrastructure-growth 92. Nordquist, S., & Christoph, J. (2024, January 16). Governance reform of the Bretton Woods Institutions. Atlantic Council. https://www.atlanticcouncil.org/in-depth-research-reports/issue-brief/governance-reform-of-the-bretton-woods-institutions/ 93. McNair, D. (2024, April 4). Tomorrow’s global financial architecture: A reform plan for people and planet. Carnegie Endowment for International Peace. https://carnegieendowment.org/research/2024/04/tomorrows-global-financial- architecture-a-reform-plan-for-people-and-planet?lang=en 94. Ibid. 95. Ibid. 96. Aiyar, S., et al. (2023, January 15). Geoeconomic fragmentation and the future of multilateralism. International Monetary Fund Staff Discussion Notes. https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2023/01/11/ Geo-Economic-Fragmentation-and-the-Future-of-Multilateralism-527266 97. Kumar, A., Changani, A., Lassiter, J., & Haar, K. (2024, April 10). Standards and interoperability: The future of the global financial system. Atlantic Council. https://www.atlanticcouncil.org/in-depth-research-reports/issue-brief/standards-and- interoperability-the-future-of-the-global-financial-system/ 98. Bank for International Settlements. (2014, September 1). Principles for financial market infrastructures (PFMI). https://www.bis.org/cpmi/info_pfmi.htm Navigating Global Financial System Fragmentation 45

Navigating Global Financial System Fragmentation 2025