Member Views

China Has a Unique Opportunity to Take the Lead on Emerging Market Indebtedness

The current state of the global economy and the outlook for the next few years do not bode well for Emerging Market and Developing Economies (EMDEs). Many countries were overly indebted before the pandemic and additional borrowing, one of the few options available to them, will push many into the terrain of unsustainable debt. China’s joining the Debt Service Suspension Initiative of the G-20 is commendable; however, this action only deals with official debt held by poorer EMDEs.

China Doing Less than it Should on Debt Reconstructuring

Bill Rhodes, former Chairman of Citibank and President and CEO of William Rhodes Global Advisors, shares his perspective on the G20, China's economy, and how Biden can restore U.S. leadership.

China Borrows a Lot of Money from the World Bank, and That’s Okay

As the World Bank makes a case to its shareholders for a capital increase this year, they are grappling with an uncomfortable truth: one of their biggest borrowers, China, happens to hold the world’s largest foreign exchange reserves...

Chief Economist's Note: COVID-19 Could Herald a New Era of European Divergence

A resurgence in COVID-19 infections has led to additional measures being announced across Europe in the past two weeks to contain the pandemic.

Central Banks Cancelling Government Debt Is No Panacea

Recently, more than a hundred European economists, including such luminaries as Thomas Piketty, called for the European Central Bank to write off a chunk of government debt that it holds.

Central Bankers Must Keep Financial Stability in Mind as They Fight Inflation

BWC member Hung Tran: "central banks should be more transparent in explaining how they take into consideration the impacts of excessive risk taking as well as banking and financial crises when formulating monetary policies—both during the easing and tightening phases."

Central Bank Digital Currencies: Reordering International Monetary Relations

Financial technology seems set to have a major impact on monetary relations.

CBDC-50 Years After the End of Bretton Woods

50 years ago, the Bretton Woods system of fixed exchange rates came to a sudden stop. It seemed the end of an era of multilateral and rules-based monetary cooperation considered critical to facilitate international payments.

Capital Adequacy Approach to Bank Soundness is Fundamentally Flawed

"The International Monetary Fund should be at the centre of the arrangements for international financial surveillance," argues BWC member DeLisle Worrell.

"Its board is fully representative – even if in need of reform – to reflect the economic and financial weight of members, and it has a large and talented staff devoted to the analysis and surveillance of the international monetary, financial and exchange system."

Can We Expect a “New Bretton Woods”?

As the world economy and its governance structure continue to evolve at an accelerating rate, calls for reform of multilateral institutions are growing louder.