Eight decades after the International Monetary Fund was established, the world can – and must – pursue a grand bargain to reform its governance structure and deal with emerging challenges. As matters stand, the Fund is increasingly ill-positioned to perform the tasks that are expected of it.
CHICAGO – The world needs an effective International Monetary Fund. Countries have become hugely indebted following the COVID-19 pandemic, and the risk of new shocks grows as the world warms and new pathogens emerge. Protectionism (sometimes cloaked by security interests) is on the rise, impeding traditional pathways to development. As economies falter, no one wants to absorb the desperate people who are braving dense jungles or climbing onto rickety, overcrowded boats in search of decent livelihoods.
CHICAGO – The world needs an effective International Monetary Fund. Countries have become hugely indebted following the COVID-19 pandemic, and the risk of new shocks grows as the world warms and new pathogens emerge. Protectionism (sometimes cloaked by security interests) is on the rise, impeding traditional pathways to development. As economies falter, no one wants to absorb the desperate people who are braving dense jungles or climbing onto rickety, overcrowded boats in search of decent livelihoods.