Abstract: As Brazil takes on the G20 presidency in , it emphasizes themes of social inclusion, combating hunger, energy transitions, sustainable development, and global governance reform.
Amid these initiatives, the "State of the Future" summit, held in Rio de Janeiro, critically examined the weaponization of the financial systemβa concept referring to the strategic use of economic tools by powerful nations to exert geopolitical influence.
During my participation in this summit, I observed key discussions led by figures such as Aloisio Mercadante and Dilma Rousseff, which highlighted the long-standing concerns of the Global South regarding financial sovereignty and the need for more equitable global financial practices. These debates underscored the urgency of developing alternative mechanisms within international coalitions like BRICS to address economic challenges and ensure global stability.
In addition, Brazil has advocated imposing taxes on the global mega-rich as part of its broader efforts to address economic inequality and generate resources for social programs. However, amid these broader goals, one particular issue has come to dominate the discussions in the last weeks: the weaponization of the financial system. This concept refers to the strategic use of economic toolsβsuch as sanctions, trade restrictions, and financial barriersβby powerful nations, mainly the United States, to exert geopolitical influence and constrain the behavior of other countries without resorting to military force.
This topic was critically examined during the " State of the Future'' summit , a parallel forum held alongside the G20 meetings in Rio de Janeiro, from July 22 to 26, The event occurred in the Brazilian Development Bank BNDES facilities and convened politicians, scholars, and professionals from thirteen different countries, mostly from the Global South.
