Financial Economy Review no. 160: Geopolitical mutations, economic and financial fragmentations — Volume 1: the era of ruptures

Publication of Issue No. 160 of the Revue d’économie financière
Geopolitical Transformations, Economic and Financial Fragmentations
Volume I: The Era of Ruptures

The Revue d’économie financière publishes its 160th issue, the first volume of a diptych devoted to geopolitical transformations and economic and financial fragmentations that are profoundly reshaping the global order.

Coordinated by Bruno Cabrillac and Pierre Jaillet, this issue is published in French and English, highlighting the international scope of the issues analyzed.

Entitled “The Era of Ruptures,” this first volume revisits the succession of major shocks that, since the early 2020s, have tested the foundations of globalization: the Covid-19 pandemic, the war in Ukraine, the energy crisis, the inflationary surge, the rise of protectionism, and the increasing use of economic and financial sanctions.

Taken together, these shocks outline a systemic polycrisis, revealing the vulnerabilities accumulated over several decades of economic and financial integration.

The issue thus analyzes the reconfiguration of international trade, the return of power politics, the fragmentation of value chains, the rise of a “war economy” logic, as well as the new challenges of monetary and financial sovereignty, in a context marked by Sino-American rivalry and the questioning of multilateralism.

Geofinance at the Heart of Contemporary Transformations

Among the major contributions in this issue is the article “Geofinance, Interactions Between Geopolitics and Finance: A Historical Perspective,” signed by André Lévy-Lang and Julien Pincet.

In this reference article, the authors offer a long-term reading of the interactions between finance, economics, and geopolitics, from Antiquity to the contemporary world. They show how finance has progressively become a central instrument of power relations, particularly since the end of the gold standard in 1971 and, more recently, through the “weaponization” of the dollar and international financial infrastructures.

This evolution has fostered the emergence of alternative circuits and contributes to the multipolarization of the global financial system.

This contribution fully aligns with the work developed at the Institut Louis Bachelier (ILB) around the concept of geofinance, which analyzes the growing interconnection between geopolitical strategies and financial mechanisms.

André Lévy-Lang, Founding President of the Institut Louis Bachelier, Chairman of the Supervisory Board of the Fondation du Risque, former Chairman of the Executive Board of Paribas and member of several leading academic institutions, is one of the pioneers of this approach.

Julien Pincet, researcher at ILB and Head of Research of the Geofinance project launched in January 2024, brings together dual academic and professional expertise in risk analysis, payment systems, monetary economics, and geoeconomics.

Extensions and Additional Resources

Readers wishing to further explore these issues may also refer to the article “Geofinance, The Intertwining of Finance and Geopolitics,” published in Opinions & Débats (No. 31, September 2024), which extends and structures this analytical framework.

These reflections have also led to several contributions published on the Regards d’expert platform of the Caisse des Dépôts, including:
“From Geoeconomics to Geofinance: The Weaponization of Finance in International Power Relations” (July 2025)
( Link: https://www.caissedesdepots.fr/blog/article/de-la-geoeconomie-la-geofinance-larsenalisation-de-la-finance ) ;
“Geofinance: What Future for the Dollar?” (July 2025)
( Link: https://www.caissedesdepots.fr/blog/article/geofinance-quel-avenir-pour-le-dollar ) ;
“Geofinance of Payment Infrastructures” (December 2025).
( https://www.caissedesdepots.fr/eclairage/blog/articles/geofinance-des-infrastructures-de-paiement ).

Article “Geofinance, Interactions Between Geopolitics and Finance: A Historical Perspective” by André Lévy-Lang and Julien Pincet available for reading and published in Revue d’économie financière, No. 160, pp. 147–160, 2025.

Toward a Second Volume Dedicated to Reconfigurations

A second volume, Issue No. 161 of the Revue d’économie financière, entitled “The Era of Reconfigurations,” will complement this reflection.

It will explore the perspectives opened by these fragmentations: the evolution of global economic hierarchies, the role of the European Union, the reconfiguration of the international monetary and financial system, and the future of global governance.

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