Previous Blog Calls
The Committee invites all members to share their perspective on how the IFIs can lead the way in creating a global system for accountability and protection while promoting growth in the digital finance space, via the BWC Blog.
The BWC Blog aims to help global leaders envision how to evolve and strengthen the multilateral financial system and encourage policymakers to strengthen international economic cooperation. Calls for submissions vary dependent upon timely global events, but submissions are encouraged on any relevant topic on an ongoing basis.
Topic: Lessons Learned in the Aftermath of the FTX Collapse
Chair of BWC’s Executive Committee William Dudley is of the opinion that crypto is worth saving. According to a January 25 Bloomberg article, there is value to be had and investors to protect in the crypto space. But exactly how to save crypto gets murkier as the fallout of the FTX collapse spreads. The domino effect spurred by FTX has highlighted the co-dependent nature of the crypto industry. While many are turning to regulators to stop this from happening again in the future, questions are also being asked of the governance architecture that allowed the FTX problem to spread as quickly and deeply as it has. BWC wants to hear its members’ thoughts on whether new regulation or new governance is the way forward for crypto to protect investors and continue to promote its growth globally.
The Committee invites all members to share their views on the Multilateral Perspectives of President Biden’s Recent Visit to Asia.
The Bretton Woods Committee Blog aims to help global leaders envision how to evolve and strengthen the multilateral financial system and encourage policymakers to recommit to the value of international economic cooperation. Calls for submissions vary dependent upon timely global events, but submissions are encouraged on any relevant topic on an ongoing basis.
Topic: The Indo-Pacific Economic Framework and US-China Relations
President Biden’s debut tour in Asia took place at a time of complex international dynamics. “We’re navigating a dark hour in our shared history,” President Biden said when meeting the leaders of India, Australia, and Japan. With the ongoing crisis in Ukraine, the Asia-Pacific region holds greater strategic significance in the realm of international affairs and economy.
The White House recently announced a new Indo-Pacific Economic Framework and twelve Indo-Pacific countries have joined representing 40% of world GDP. This is likely to impact the economic and geopolitical dynamics in the Asia-Pacific region, directly affecting the U.S.-China bilateral trade relationship.
BWC wants to hear its members’ take on how President Biden’s recent visit to Asia might shape Asian multilateral economic policy, and how might China respond to Biden's signature economic initiative for the region?
Topic: The Future of the WTO
The long-awaited MC12 conference convened global trade experts to discuss the four main “pillars” of negotiation facing the international trade sphere: fisheries subsidies, agriculture, the effects of the Covid-19 pandemic (including the waiver to the Agreement on Trade-Related Aspects of International Property Rights, or TRIPS waiver) and WTO reform, and development & Least Developed Country (LDC) issues.
At the 12th ministerial, member countries reached agreement on some of the target pillars, including a partial waiver of intellectual property rights for COVID-19 vaccines production designed to allow developing countries to produce them. The conference also achieved a limited pact concerning fisheries subsidies and food security. An important agreement on digital tariffs was also secured. A June 14th statement by the WTO emphasized that “MC12 can offer a great opportunity to reinstate trust in the multilateral trading system and should be a starting point for modernizing and reforming the WTO to ensure it can play a role in addressing the challenges of the 21st century, including issues such as climate change and sustainability and in particular today, global food security.” In your view, is this enough? Do these outcomes demonstrate the continued relevance of the WTO as a multilateral institution that can deliver substantial progress for the benefit of the international community? What are the next steps for WTO reform?