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Equivalent to Equivalence: models of international openness and reciprocity for stablecoins
Stablecoin regulation is national while stablecoin activity is cross-border. There are currently few mechanisms to support cross-border regulation and supervision. The resulting debate is often framed as a search for ‘equivalence,’ but equivalence is...
The global economic and financial system is under pressure as geopolitical competition, economic security and technological change increasingly shape international interdependence. This paper provides the conceptual foundations and research compass of the GeoFinance Lab, focusing on how changing patterns of dependence redistribute vulnerability, power and strategic policy choices. It argues that finance cannot be examined in isolation: financial linkages interact with trade, energy, technology, investment and critical infrastructure, creating channels through which shocks and leverage can propagate across borders. The paper considers both the international and European stakes of these changes. Globally, they are reshaping the dynamics of economic and financial governance. For Europe, whose openness creates both exposure to external shocks and potential sources of influence, they create new vulnerabilities but also opportunities to strengthen its resilience. The compass provides a flexible framework for analysing dependencies, sources of leverage, and opportunities for resilience.