BWC Blog

The Bretton Woods Institutions in a Changing World: A Call for Increased EMDC Involvement in Global Crypto Governance

The world has changed dramatically since the Bretton Woods institutions were created in the wake of WWII to promote international cooperation and multilateralism in a bid to ward off future conflicts.  The institutions created at this historic gathering ushered in an era of unprecedented peace and security, and global economic growth for 60+ years.  They have adapted well over the decades to meet ever more complex challenges, including launching annual G20 meetings with significant emerging markets participation, following the 2008 financial crisis.  

World Bank Presidents: Heavy is the Head that Wears the Crown

Now that Biden-nominated World Bank presidential candidate Ajay Banga has been confirmed, the chatter around Washington (apart from the debt ceiling debacle and the King Charles coronation) is all about whether he will be able to navigate the enormous challenges facing the institution. Banga certainly has a herculean task ahead of him when he takes the reins on June 2.

Towards a New Era of World Bank-Civil Society Partnership

Ajay Banga takes the helm of the World Bank at a singularly important time in determining the institution’s contributions to economic development. 

This is a time of severe economic/international debt distress for many developing countries, with higher levels of absolute poverty than have been seen in many years; a time of mounting public concern about climate change; and a time when authoritarian governments control nations that account for more than one-half of the world’s population.

De-dollarization or Re-Dollarization? The Fate of the Dollar in the Internet Age

The U.S. dollar, or greenback, is a ubiquitous, nearly universally accepted global currency. Like
the country that backs it, the dollar is endowed with special superpowers that are equal
measure historical flukes, as they are a byproduct of steady hands, institutional trust, network
effects and, the quiet part, military might. Just as the U.S. mainland is protected by two oceans,
the U.S. dollar is buttressed by both natural and historical advantages. The natural ones are

The Fed’s New Dollar Token Policy, and Why It Matters

A version of these remarks was delivered at the 5th Annual Cryptocurrency and Blockchain Summit held in Cambridge, UK on 7 September 2023 as part of the panel presentation: “The Future of Money – Stablecoins v. Central Bank Digital Currencies”

Decarbonizing Energy — with Speed, Wisdom and Balance

The following blog post is in reference to the piece, "The Elephant in the Room; Preaching or Working on Climate Change" by Miguel Schloss published in the Global Journal of Science Frontier Research.

US Treasury’s IMF Worldview:  Multilateralism, More Macroeconomics, Domestic Realities

19th St. and the rest of the world may not be fully pleased*

Multilateral Development Banks Need to Play a Bigger Role in Closing the Climate Finance Gap

Read the Climate and Energy Transition Finance Team's Latest Brief Here.

How a new climate accelerator in the World Bank can help

AI Could Breathe New Life Into Core Systems

The new kid on the block, AI, meets the original gangster, COBOL. Is it magic or is it a miss? COBOL, the Common Business-Oriented Language, is still very much an integral part of how data is stored and used by some of the institutions we trust deeply such as banks, insurers, healthcare providers, and governments. One would think that moving away from COBOL in our hyper connected and technologically advanced world would be easy.

Global platforms to tackle global environmental challenges

One of the key themes in the COP28 conference in Dubai held this year is the creation of new mechanisms and platforms for financing environmental projects to counter climate change. Thus far it has mostly been about ad hoc efforts of countries to produce additional funds and contributions to the environmental cause.