August 16, 2014
The Fragmentation of Bretton Woods
Mohamed El-Erian, Project Syndicate
The Associated Press
The world has changed considerably since political leaders from the 44 Allied countries met in 1944 in Bretton Woods, New Hampshire, to create the institutional framework for the post-World War II economic and monetary order. What has not changed in the last 70 years is the need for strong multilateral institutions. Yet national political support for the Bretton Woods institutions – the International Monetary Fund and the World Bank – seems to have reached an all-time low, undermining the global economy’s ability to meet its potential and contributing to geopolitical insecurity.
TAGGED: World Bank, World Trade Organization, Globalization, Bretton Woods