Announcement

Martin Wolf on Bretton Woods at 75: the threats to global co-operation

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Thu, Jul 11, 2019

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Dear Committee Members, Colleagues, and Friends:

We’re delighted to share Martin Wolf’s Big Read in today’s Financial Times highlighting some of the recommendations put forth by authors in the Bretton [email protected] compendium and lessons learned over the past 75 years since the 1944 Bretton Woods Conference. “This anniversary is more than an arbitrary moment: it is an occasion for reflection, on what has gone right, what has gone wrong and what needs to happen if the spirit of Bretton Woods is to shape the world in the decades ahead...”

While the perspectives and recommendations of the 50+ Compendium authors are diverse, they all agree on a few key ideas:

THERE IS GLOBAL CONSENSUS THAT THE BRETTON WOODS INSTITUTIONS ARE CRUCIAL TO THE GROWTH AND STABILITY OF THE GLOBAL ECONOMIC SYSTEM

  • The Compendium compiles recommendations from a group of 50+ geographically and philosophically diverse authors. While they propose a wide spectrum of recommendations for how best to promote global economic growth and stability, there is consensus across the essays that the Bretton Woods institutions will continue to be central to the global economic system into the future.

GLOBAL LEADERS MUST EMBRACE THE POWER OF INTERNATIONAL COOPERATION AND PROMOTE INCLUSIVE GOVERNANCE

  • Global leaders need to display the foresight and fortitude to evolve and strengthen the system to account for the forces of change to the global economic system and to address challenges in ways that achieve outcomes in the interest of the international community. Priority must be given to bringing emerging economies into the fold for more representative multilateral governance.

TO BE FIT FOR PURPOSE INTO THE FUTURE, THE BRETTON WOODS INSTITUTIONS MUST ADAPT TO THE FORCES OF CHANGE FACING THE GLOBAL ECONOMY

  • In order to be fit for purpose into the future, the Bretton Woods institutions must evolve to address the major challenges facing the global economic system in the modern era: rapid population growth and demographic shifts, climate change and the limitations of natural resources, corruption and other inefficiencies within governance and regulatory bodies, mounting sovereign and corporate debt, and technological advances that are changing the nature of work

THE BRETTON [email protected] COMPENDIUM IS A CALL TO ACTION TO REVITALIZE MULTILATERALISM AND THE SPIRIT OF BRETTON WOODS

  • These changes are taking place at an inflection point: a resurgence of populist and nationalist movements around the world is threatening the spirit of multilateralism fostered at the 1944 conference. The 75th anniversary presents an opportunity to revitalize the spirit of Bretton Woods and catalyze global leaders to once again consider how the global economic system must evolve and endure for the next 75 years.

To read more about the specific policy recommendations of the Bretton [email protected] Compendium authors, the full volume is available in digital format on our website. The Compendium is also now available in print.

  

Happy Reading,

Randy S. Rodgers
Executive Director