One recent morning, in Washington, DC, I joined international policymakers, business leaders and academics assembled for the International Monetary Fund (IMF) and the World Bank's spring meetings. The mood was sombre. “This is a delicate moment for the global economy,” said Gita Gopinath, the IMF's new economic counsellor. Seventy-five years have passed since these international financial institutions were created in Bretton Woods, New Hampshire, in 1944. Back then, delegates sought to tame the power of international finance, the growth of which helped to cause the 1929 Wall Street Crash and the ensuing Great Depression.
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