The crisis surrounding Ukraine shows that global governance is in a mess, but events there are merely a symptom of something larger.
My visit to Washington for the spring meetings of the International Monetary Fund and World Bank set me wondering whether western democracies are much guiltier than we are prepared to admit.
These meetings took place against the surreal background of the US Congress having failed to pass a bill allowing the IMF to reform in the way that was agreed back in 2010 – a strange decision, as the planned changes to the fund were led by the then-US Treasury Secretary, Tim Geithner.
Those proposals were to increase the IMF’s lending capability as well as to boost the voting share and seats of the major so-called “emerging economic powers” at the expense of others, including Europe.
Without the additional firepower, it makes it more difficult for the fund to intervene in economic crises, including the one engulfing Ukraine.
Complete story at - Ukraine crisis shows global governance is in a mess, and the West knows why - Telegraph
My visit to Washington for the spring meetings of the International Monetary Fund and World Bank set me wondering whether western democracies are much guiltier than we are prepared to admit.
These meetings took place against the surreal background of the US Congress having failed to pass a bill allowing the IMF to reform in the way that was agreed back in 2010 – a strange decision, as the planned changes to the fund were led by the then-US Treasury Secretary, Tim Geithner.
Those proposals were to increase the IMF’s lending capability as well as to boost the voting share and seats of the major so-called “emerging economic powers” at the expense of others, including Europe.
Without the additional firepower, it makes it more difficult for the fund to intervene in economic crises, including the one engulfing Ukraine.
Complete story at - Ukraine crisis shows global governance is in a mess, and the West knows why - Telegraph
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