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
Author(s)
Related centers and programs
Discover our other research centers and programs
Geoeconomics and Geofinance Initiative
To analyze the impact of power rivalries and tensions on globalization, this initiative combines economic and political expertise. In the face of growing geopolitical risk, the goal is to decipher the dynamics of reconfiguration: protectionist pressures, sanctions, restrictions, industrial policies, and economic security concerns are redefining the rules of international trade. These tensions are also transforming international financial relations by undermining the foundations of trust and reshaping the global monetary system. They raise questions about the role of several key players: sovereign wealth funds, central banks, digital platforms, multilateral institutions, and financial infrastructure operators. In a context of profound disruption, simply refining existing approaches is no longer sufficient. The initiative is designed as a flexible model, drawing on diverse expertise to offer both broad overviews and targeted analyses. It also provides a platform for stakeholders and experts from various backgrounds to debate these issues freely.
Find out more
Discover all our analyses
The Transfer Paradox. Rethinking Global Imbalances
Global imbalances have come back to the top of the policy agenda. Many analyses and reports have been produced over recent months. The standard prescription involves better coordination of macroeconomic policies, with three familiar recommendations: higher consumption in China, higher investment in Europe, and fiscal consolidation in the United States.
Global imbalances, industrial policies, and the challenge of surging Chinese trade surpluses
The analysis of global imbalances faces a paradox: while the analytical focus has for decades been on the sustainability of current account deficits, out of concerns about their financial consequences, international political tensions stem mainly from enduring trade surpluses and their industrial impacts. Beyond President Trump’s outbursts, fears about the consequences of China’s trade surpluses are increasingly widespread.
Can Interdependence Persist in Tense Times? Insights from the 2nd Paris Geoeconomic Dialogue
Ifri’s 2nd Paris Geoeconomic Dialogue brought together in November 2025 experts, academics, and decision-makers around six themes relating to the prospects for interdependence in an increasingly tense international environment.
Central Banks: Challenges and Tools in Geopolitical Rivalries
Central banks have become major strategic players in international economic balances. Faced with systemic crises (2008, Covid-19), the major central banks have developed unprecedented coordination of their interventions, fostering the emergence of the “Jackson Hole consensus.”