The new architecture of global power
Date: September 2026
Funcas Intelligence, September 2026
Summary
The US is increasingly relying on private capital to finance its external deficit, which is making the dollar and the financial markets more vulnerable. The reduction in debt purchases by official creditors, coupled with geopolitical tensions, reflects a weakening of American exceptionalism and is already causing contagion in European markets.
The dollar maintains its global leadership in trade and finance thanks to historical advantages and economies of scale that reinforce its role as a reserve currency. This dominance generates significant economic benefits for the United States. Although the euro occupies a prominent position, its progress is hampered by the fragmentation of European public debt; greater fiscal integration through Eurobonds could significantly strengthen its international role.
Quantum computing will gradually transform the financial sector, but the key will not be the technology itself, but rather who has access to its computing power. A small group of organisations will be able to gain competitive advantages in areas such as portfolio management or asset valuation, whilst risks such as reliance on standardised models, a lack of transparency and threats to cyber security will increase. Regulatory and technological preparedness will be crucial in the coming years.
Submarine cables are essential for global connectivity, but their vulnerability and geopolitical tensions pose a growing risk, particularly for Europe given its reliance on external providers. To improve resilience, it is necessary to diversify infrastructure and strengthen the capacity to respond to disruptions. Although satellites can guarantee critical services in emergencies, they cannot replace fibre-optic cables on a large scale, making physical connectivity an increasingly important strategic asset.
The NEA’s vision for the future of Nuclear Energy