Summoning the Spirit of Bretton Woods
It is now obvious that poorer countries are caught in a financial vise not of their own making. The West, led by the United States, must equip the International Monetary Fund and World Bank with the tools they need to stabilize poorer economies ravaged by the spike in energy and food prices, COVID-19, and climate change.
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LONDON – A riptide is about to hit the global economy, and the West needs America to help. Just as longstanding NATO allies are helping Ukraine fight against its Russian invaders, we need the old Bretton Woods allies to win the peace. That will require equipping the International Monetary Fund and the World Bank with the tools they need to stabilize poorer countries ravaged by the conflict-driven spike in energy and food prices, COVID-19, and climate change.