Fragmentation of the Global Economy Monetary Policy in a New Era of Uncertainty

Budapest, Hungary

March 14, 2023



Between the pandemic, war, energy and climate emergency, upheaval of global geopolitical balances and questioning of Western democracies, the world has changed dramatically. As we look back at the recent evolution of the world economy and project forward to 2023, what is most striking is the startlingly rapid pace at which change is occurring. Indeed, today’s global economic landscape presents a great deal of novel and uncharted territory. As new players enter the arena and others retreat, as patterns for conducting business shift and new economic practices evolve, as inflation runs rampant in an era being characterized as the fourth industrial revolution, it seems critical to ask where we are heading and how different nations will adjust to these new conditions to guarantee their growth and prosperity. With the partnership of Foundation, Private sector, think tank, our initiative on understanding Fragmentation will bring key experts from around the world to discuss the main challenges that the global economy is facing in the medium term: is it the end of globalization and the emergence of the age of economic fragmentation ? What might be the policies to prevent this, and with the analogy of climate change , can we find ways to mitigate economic, financial and trade fragmentation ?


  • Marc Uzan, Executive Director, Reinventing Bretton Woods Committee
  • Mihály Patai, Deputy Governor, Magyar Nemzeti Bank

  • György Szapáry, Chief Advisor to the Governor, Magyar Nemzeti Bank (chair)
  • Joshua Aizenman, Professor of Economics, University of Southern California (virtually)
  • Massimiliano Castelli, Managing Director, UBS (virtually)
  • Beata Javorcik, Chief Economist, European Bank for Reconstruction and Development
  • Gian Maria Milesi-Ferretti, Senior Fellow, The Brookings Institution
  • Moritz Schularick, Professor of Economics, University of Bonn

  • Patrick Honohan, Senior Fellow, Peterson Institute for International Economics
  • Felipe Larraín, Former Finance Minister, Chile; Professor of Economics, Universidad Católica de Chile (virtually)
  • Dániel Palotai, Executive Director, IMF
  • Julio Velarde, Governor, Central Reserve Bank of Peru

      • Mihály Patai, Deputy Governor, Magyar Nemzeti Bank
      • Harold James, Professor of History and International Affairs, Princeton University
        • Dino Kos, Special Advisor to the CEO, CLS Group
        • Paola Subacchi, Professor of International Economics, University of London
        • Giovanni Tria, Former Finance Minister, Italy; Professor, University of Rome
        • John Velissarios, Senior Managing Director, Accenture

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