Role, Challenges and Network of International Financial Centres in a Changing World Order

Müller, János and Hámori, Réka (2026) Role, Challenges and Network of International Financial Centres in a Changing World Order. FINANCIAL AND ECONOMIC REVIEW, 25 (3). pp. 79-106. ISSN 2415-9271 (print); 2415–928X (online)

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Abstract

In a world order burdened by geopolitical tensions, sanctions and tariff restrictions, the global and regional network of international financial centres plays a key role in supporting the functioning of the international financial system, global capital flows, technological transformation, regulation and in maintaining international economic integration. These global and regional centres constitute one of the fundamental infrastructures of the world economy. Geopolitical tensions, competition between power blocs and wars have a dual effect on their functioning: they temporarily weaken their positions whilst also prompting them to respond to the challenges. In the context of global geopolitical developments, competing economic power blocs generate competition among financial centres, enhancing service efficiency while also creating a need for cooperation to maintain financial stability.

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