Banco de España and the Reinventing Bretton Woods Committee coorganized the policy conference International Financial Integration and Fragmentation: Drivers and Policy Responses last 12, March in Madrid. The conference gathered a selected group of academics, policymakers and private sectors analysts and it was opened by the Governor of Banco de España. The seminar analyzed the contours of the new financial landscape and the challenges entailed. Among them, the situation of fragmentation in the euro area focused an important part of the discussion. The last part of the day was devoted to the view of this new landscape from the central bank perspective.