Zoellick on a new monetary regime
Over a month ago the president of the World Bank, Robert Zoellick, wrote an opinion piece in the Financial Times about how the World Bank, the International Monetary Fund (IMF) and the G20 and G7 might be able to establish “a framework to manage a monetary system in transition” that would be more realistic for our modern day world.
The crux of the piece is that kings no longer make their country’s monetary policies thus these developing and emerging countries that are no longer being ruled by kings, or are overthrowing them, need to have monetary policies that work with the economically developed countries.
Isn’t it possible, though, that G20 nations want these new economic policies to exist so that they are not so easily dethroned themselves?
Either way, you can enjoy the rest of the piece here.
Photo: World Bank President Robert Zoellick. REUTERS/Vincent Kessler