Three steps to stop global finance disintegrating

By Howard Davies and Susan Lund

Reform and integration are needed to restore capital mobility, write Howard Davies and Susan Lund in the Financial Times

Reform and integration are needed to restore capital mobility, say Howard Davies and Susan Lund

Currency wars dominated the policy conversation when the finance ministers of the Group of 20 leading nations gathered last month in Moscow. This crowded out talk of another threat to recovery and growth: the Balkanisation of the global financial system.

For three decades, there was a seemingly unstoppable increase in capital mobility and integration. But the 2008 crisis halted that abruptly. Cross-border flows collapsed and remain 60 per cent below their peak.

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