Janet Yellen’s New Financial Multilateralism
In a recent letter to her G20 colleagues, US Treasury Secretary Janet Yellen called for stronger multilateralism in responding to the COVID-19 crisis. By emphasizing governance, flexibility, and accessibility, Yellen offers reason to hope for broader action to address the many gaping holes in the current global financial system.
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LONDON – The International Monetary Fund and the World Bank have sprung into action in ways that would have been inconceivable even a year ago. Under former President Donald Trump, the United States – the main shareholder, with veto rights, in both institutions – did little (beyond causing occasional disruption) to shape their policies. Now, the US is taking the lead in coordinating their role and helping poor countries to respond to the COVID-19 crisis.