Multi-alignment and De-risking: The Global South Response to World Fragmentation
Turbulences and conflicts threaten the stability of the global order. What is the Global South’s response to these risks?
The Global South’s response to these fragmentation risks can analyzed as taking two main forms: a political one through multi-alignment and an economic one aimed at de-risking. Through multi-alignment, countries in the South aim to broaden their alliances with major global poles, freeing themselves from the ideological constraints of the past to reduce geopolitical risks. De-risking entails the strengthening of economic cooperation within the Global South. This Ifri Paper analyses and illustrates these responses.
Available in:
Themes and regions
ISBN / ISSN
Share
Download the full analysis
This page contains only a summary of our work. If you would like to have access to all the information from our research on the subject, you can download the full version in PDF format.
Multi-alignment and De-risking: The Global South Response to World Fragmentation
Related centers and programs
Discover our other research centers and programsFind out more
Discover all our analysesNew Cold War? What New Cold War? Confronting the Geoeconomic Fragmentation Narrative with the Data
It has become widely accepted that the world economy should be seen as increasingly shaped by forces of fragmentation, resulting from geopolitical tensions. This article takes another look at this narrative, using international trade data. While an aggregate analysis is consistent with a new Cold War narrative, whereby international trade is increasingly seen as split into two blocs, this is only a mix of very different outcomes. Far from being a widespread trend, geoeconomic fragmentation of trade flows is only significant in “hotspots”: Russia's foreign trade and China-US bilateral exchanges, and the impact is massive in these cases. Outside these “hotspots”, there is no tangible sign that geopolitical tensions have been shaping international trade patterns in terms of blocs, nor is there any hint of a trend toward nearshoring – to the contrary, in fact.
Central Securities Depositories and Geopolitical Risks: Challenges for European Policy
Central Securities Depositories (CSDs) form the backbone of financial market infrastructure by registering securities, settling trades, distributing cash flows, and managing collateral. While often regarded as mere financial “plumbing,” they in fact underpin strategic objectives such as advancing the Savings and Investment Union, curbing tax evasion, and reinforcing Europe’s geopolitical stance.
Manufacturing Risk: Geopolitical Doxa and the Corporate World
The evolving power dynamics between the United States, China, and Russia are creating new geopolitical realities that businesses can no longer evade. Geopolitical risk has become unavoidable, yet many companies remain unprepared to navigate its complexities. Corporate leaders can no longer afford to overlook its implications.
Trump's Trade War: What Answers for the European Union?
The announcement, on April 2, 2025, of “reciprocal tariffs” by the United States has opened a sequence of profound break with decades of established trade policy practices, where the administration behaviour has been marked by dogmatic blindness, amateurism, and self-serving interests.