This week, the World Bank and International Monetary Fund are hosting an event in Washington, DC to highlight their role in the international financial system. Central bank governors, finance ministers, private sector participants, and civil society organizations from around the world have gathered for this important conference.
As global economic institutions, the World Bank and IMF value the participation of all nations, not just those that originally shaped economic integration post-World War II. However, their inclusive approach may not be appropriate for financial institutions designed to promote development, economic growth, and stability. These institutions were not created to cater to non-market economies like China and prioritize their interests.
Two experts who offer valuable insights on this topic are Dan Katz and D.J. Nordquist. Katz is a former senior advisor at the United States Department of the Treasury and now serves as an adjunct fellow at the Manhattan Institute. Nordquist is a senior advisor at the Center for Strategic and International Studies and was once the U.S executive director of the World Bank Group. In a recent piece published by The Hill, they discussed how these institutions must adapt to changing economic realities while maintaining their core mission of promoting economic growth and stability worldwide.
