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What Next for the Bretton Woods Twins?
Although multilateralism is in crisis, different fates await the multilateral institutions that were created under the Bretton Woods Agreement 75 years ago. While the International Monetary Fund has found renewed relevance in a world of crises, the World Bank has suffered under the poor leadership of a parade of American men.
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WASHINGTON, DC – The 75th anniversary of the signing of the Bretton Woods Agreement comes at a time when multilateralism is under unprecedented pressure. Bretton Woods created the International Monetary Fund and the World Bank, and laid the foundations for the General Agreement on Tariffs and Trade, the precursor to the World Trade Organization. But trade agreements are now being undermined around the world. Deadlocks within the United Nations Security Council are permitting the conflicts – and deepening human misery – in Syria and Yemen to continue. And climate-change agreements are being flouted, with dire consequences for future generations.