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Financial stability has been an important concern for central banks in the era of globalisation. This chapter traces its relationship with the development of US hegemony and the rules-based order since 1945. Now the whole framework has been challenged by the second Trump presidency with its neo-mercantilist revision of the US position in the world. This may mark the end of the rules-based system and the beginning of power politics in an increasingly multipolar world. The possible impact on the governance structures of financial stability should not be underestimated.

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Financial Stability and the Threat of World Disorder

  • 章节

  • 发表日期：

    2025年

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  • John Farrar,
  • Louise Parsons

摘要

Financial stability has been an important concern for central banks in the era of globalisation. This chapter traces its relationship with the development of US hegemony and the rules-based order since 1945. Now the whole framework has been challenged by the second Trump presidency with its neo-mercantilist revision of the US position in the world. This may mark the end of the rules-based system and the beginning of power politics in an increasingly multipolar world. The possible impact on the governance structures of financial stability should not be underestimated.