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The International Monetary System Is More Unfit than Ever

After World War II, the world was promised a neutral international monetary system secured by a stable reserve currency issued by a global hegemon. But, with the US dollar being weaponized through sanctions against Russia and others, it is clear that the current system is far from neutral – or sustainable.

HONG KONG – After the 2008 global financial crisis, the world seemed ready to undertake meaningful reform of the international monetary system. But the promised structural changes never happened. And the recent spring meetings of the International Monetary Fund and the World Bank indicated that the current bout of global economic upheaval will similarly fail to spur transformation.