Does the Industrialized World's Economic and Financial Statecraft Need to Be Reinvented?

摘要

The world's post-war economic and financial institutions intended to provide platforms for global cooperation-including the International Monetary Fund and the World Bank, the Bank for International Settlements, and the regional development banks-seem to be suffering a crisis of credibility. The G-7 and G-20 also appear to be increasingly irrelevant to the workings of global financial markets. In Europe as a result of the Greek crisis, the EU Commission, the European Central Bank, the EU Council, the EU Parliament, and the Eurogroup of finance ministers all appear to have undergone major reputational collateral damage. As a result of the IMF's participation in the Greek crisis alone, the word "troika" has for many working families sadly become synonymous with crushing austerity. On the other side of the world, some analysts believe China's new Asian Infrastructure Investment Bank has the potential to become a serious competitor of the World Bank. Is this claimed loss of credibility exaggerated? If not, is the damage to the industrialized world's economic and financial statecraft reparable? How can the statecraft be reinvented?