波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒

Global EditionASIA 中文雙語Fran?ais
Opinion
Home / Opinion / China and the World Roundtable

Global monetary system more unfit than ever

By Andrew Sheng and Xiao Geng | CHINA DAILY | Updated: 2022-05-23 07:18
Share
Share - WeChat
Photo taken on April 19, 2022 shows the IMF Headquarters in Washington, DC, the United States. [Photo/Xinhua]

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.

When the 2008 crisis rocked the global financial system, policymakers took radical action to stabilize it. Beyond government bailouts of distressed banks in the United States, the epicenter of the crisis, liquidity was expanded substantially through large-scale quantitative easing and foreign currency swaps by central banks. And the international monetary system's legitimacy was bolstered by the expansion of decision-making from the G7 to the G20.

The obvious next step was regulatory reform, aimed at preventing future crises. To this end, more power was delegated to the Financial Stability Board, an international body focused on identifying and promoting strong regulatory, supervisory and other financial sector policies. The FSB pushed, for example, for higher capital and liquidity requirements for banks and limits on total leverage ratios.

But critical reforms-such as the FSB's attempts to expand oversight to cover non-bank financial intermediaries-were thwarted by pushback from the financial community. Similarly, in the US, the tougher regulatory regime put in place after the crisis was subsequently weakened.

Meanwhile, the massive monetary expansion that had propped up the global economy generated new risks, with prolonged ultra-low interest rates encouraging short-term speculation and fueling asset bubbles, without increasing long-term productivity. According to the McKinsey Global Institute, total assets tripled from 2000 to 2020, with the value of global financial assets and liabilities now twice as large as that of real assets. At the same time, the financial sector and ownership wealth became far more concentrated.

Now, a new set of shocks-from the COVID-19 pandemic, rising inflation and interest rates, and the Ukraine-Russia conflict-are threatening to generate further upheaval. According to the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, the most pressing challenges include debt distress among emerging-market and developing economies, vaccine equity, the surge in inflation, and growing risks to financial stability.

Efforts to address such urgent challenges are largely piecemeal. For example, last August, the IMF approved a general allocation of special drawing rights (SDRs, the IMF's reserve asset) equivalent to $650 billion. This expanded the IMF's resources substantially, but the demands for funding have increased exponentially. As IMF Managing Director Kristalina Georgieva admitted at the recent meetings, 60 percent of countries, including at least 20 in Sub-Saharan Africa, have debt burdens exceeding 50 percent of their respective GDPs and are facing or near debt distress.

With the Ukraine-Russia conflict generating severe increases in energy and food prices, which are hitting emerging-market and developing economies particularly hard, the situation is set to deteriorate further. Already, Argentina, Egypt, Lebanon and Sri Lanka are in urgent aid talks with the IMF. As for Ukraine, the IMF has provided $1.4 billion in emergency funding, but the country needs at least $5 billion per month to maintain a functioning economy, and that does not even begin to cover post-war reconstruction.

More fundamentally, "urgent" and "important" are not the same thing. And there are some crucial structural-reform questions that the IMF and its most powerful stakeholders have not even begun to answer. Perhaps the most fundamental is whether the current US dollar-based system designed at the end of World War II can continue to provide global public goods.

That system has certainly worked well to foster globalization, trade, financialization and overall growth during the largely peaceful post-World War II period, including the tense Cold War era. But it was not designed to deal with the complex challenges posed by climate change, pandemics, rapid technological innovation, rising inequality, long-term demographic changes and escalating geopolitical conflicts. It certainly was not intended to operate within a multipolar world order.

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, it has become all too clear that the current system is far from neutral.

Moreover, the US is no longer the global hegemon. The world order now seems destined to split into two blocs, each with their own security structures, supply chains, technologies and financial systems. In any case, as Bernard Snoy et d'Oppuers points out in a forthcoming book, when any national currency functions as a global currency, at least six types of instability ensue: environmental, economic, social, financial, political and ideological.

Building a more stable international monetary system demands a shift to a truly global currency. The SDR is the most obvious candidate, backed by the Palais-Royal Initiative in 2011. But the US, which holds the most sway at the IMF, would not agree to turn the IMF into a quasi-central bank with the power to issue a supernational currency that would erode Washington's "exorbitant privilege".

Even if no national currency is likely to replace the US dollar any time soon, there are two other avenues for reducing the dollar's dominance as a means of payment and store of value: digital currencies and the creation and expansion of non-dollar-based payment systems (replacing Fedwire, Society for Worldwide Interbank Financial Telecommunication, Euroclear, and the like).

The existing international monetary system is unsustainable. We can either reform it now or wait for a catastrophic crisis-an emerging market and developing economies' debt crisis on the scale of the Latin American and Asian financial crises in the 1980s and 1990s, a global bout of depression like that seen in the 1930s, or war among major powers-to force our hand.

Project Syndicate

Andrew Sheng, a distinguished fellow at the Asia Global Institute at the University of Hong Kong, is a member of the UNEP Advisory Council on Sustainable Finance; and Xiao Geng, chairman of the Hong Kong Institution for International Finance, is a professor at and director of the Institute of Policy and Practice at the Shenzhen Finance Institute at The Chinese University of Hong Kong, Shenzhen.

The views don't necessarily reflect those of China Daily.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

 

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
波多野结衣办公室双飞_制服 丝袜 综合 日韩 欧美_网站永久看片免费_欧美一级片在线免费观看_免费视频91蜜桃_精产国品一区二区三区_97超碰免费在线观看_欧美做受喷浆在线观看_国产熟妇搡bbbb搡bbbb_麻豆精品国产传媒
国产精品美女久久福利网站| www.日韩精品| 波多野结衣 在线| 91精品国产一区二区| 亚洲成人综合在线| 色综合久久久无码中文字幕波多| 日本电影亚洲天堂一区| 自拍偷拍亚洲欧美日韩| 99久久99精品久久久久久| 色婷婷激情综合| 亚洲三级在线免费| 91在线精品一区二区| 在线观看免费成人| 一级特黄大欧美久久久| 又色又爽又黄18网站| 欧美男女性生活在线直播观看| 亚洲影院免费观看| 荫蒂被男人添免费视频| 日韩欧美国产综合一区 | 中文字幕第69页| 国产欧美日本一区二区三区| 国产69精品久久777的优势| 国产第一页浮力| 亚洲激情中文1区| 五月天丁香社区| 日韩欧美国产不卡| 国产在线一区二区| 538任你躁在线精品视频网站| 亚洲日本一区二区| 中文字幕天堂av| 精品少妇一区二区三区日产乱码| 狠狠色综合色综合网络| 天天天天天天天天操| 亚洲卡通欧美制服中文| 久久精品女同亚洲女同13| 欧美电影免费观看高清完整版| 精品无人码麻豆乱码1区2区| 婷婷激情四射网| 一区二区三区欧美日| 国产一级二级在线观看| 久久精品亚洲麻豆av一区二区| 成人一区二区在线观看| 亚洲欧美国产三级| 成人免费毛片嘿嘿连载视频| 91国产免费看| 日产欧产美韩系列久久99| 超碰人人人人人人人| 亚洲天堂免费看| 久久人妻少妇嫩草av无码专区| 26uuuu精品一区二区| 成人av网站免费观看| 欧美日本一区二区三区| 国产又黄又大久久| 欧美午夜影院一区| 精品一区二区三区在线视频| 国产97免费视频| 日本最新不卡在线| 中文字幕亚洲欧美日韩| 图片区日韩欧美亚洲| 99热这里只有精品4| 亚洲成人一二三| 国产第一页精品| 亚洲国产精品久久艾草纯爱| 国产aaaaaaaaa| 亚洲无线码一区二区三区| 欧美aaa级片| 亚洲国产精品一区二区www在线| 综合欧美亚洲日本| 无码人妻精品一区二区三应用大全| 国产精品网站在线观看| 午夜av免费看| 亚洲天堂久久久久久久| 日韩人妻无码精品综合区| 亚洲免费在线电影| 亚洲一二三四视频| 亚洲成人精品在线观看| 日本高清不卡免费| 捆绑变态av一区二区三区| 欧美在线999| 狠狠色2019综合网| 欧美精三区欧美精三区| 成人午夜电影久久影院| 精品国产伦一区二区三区观看方式| 91日韩精品一区| 欧美激情一区在线| 亚洲一级中文字幕| 亚洲一区在线观看视频| 黄色录像二级片| 精一区二区三区| 欧美一区二区视频免费观看| k8久久久一区二区三区 | 国产女人18水真多18精品一级做 | 8x8x8国产精品| 99九九99九九九视频精品| 国产亲近乱来精品视频| 中文字幕在线看高清电影| 亚洲图片自拍偷拍| 在线观看成人免费视频| 国产sm精品调教视频网站| 久久午夜色播影院免费高清| 国产精品九九视频| 亚洲午夜激情网站| 欧洲精品在线观看| av一区二区久久| 国产精品久久久久久久第一福利| 91激情视频在线观看| 日本欧美大码aⅴ在线播放| 欧美日韩国产天堂| 爱情岛论坛亚洲自拍| 日韩美女精品在线| 破处女黄色一级片| 国产91精品入口| 国产精品欧美综合在线| 国精产品视频一二二区| 国产在线精品不卡| 久久久精品蜜桃| 国产又粗又硬视频| 国产真实乱子伦精品视频| 久久婷婷国产综合国色天香| www.狠狠爱| 久久99久久久久| 欧美精品一区二区高清在线观看| 国产精品无码一区二区三区免费 | 国产精品一区二区视频| 久久嫩草精品久久久精品| 国产综合精品在线| 国内精品写真在线观看| 久久久99精品久久| 日韩精品久久久久久久的张开腿让| 国产在线不卡一区| 国产欧美精品一区| 欧美偷拍第一页| 91看片淫黄大片一级在线观看| 亚洲欧美日韩系列| 欧美日韩在线综合| 少妇一级淫免费观看| 免费在线一区观看| 久久青草欧美一区二区三区| 亚洲成人激情自拍| 欧美一区二区三区免费视频| 狠狠人妻久久久久久综合蜜桃| 免费一级欧美片在线观看| 精品国产乱码久久久久久浪潮| 亚洲精品国产91| 国产福利精品一区二区| 中文字幕视频一区二区三区久| 麻豆精品一区二区三区视频| 91日韩精品一区| 视频在线观看国产精品| 亚洲精品一区二区三区四区高清| 国产又粗又猛又爽又黄的视频四季 | 日本黄色一区二区| 性生活在线视频| 日韩国产精品久久久| 久久久久久久久久久久久夜| 免费高清在线观看电视| 免费国偷自产拍精品视频| 舔着乳尖日韩一区| 久久女同性恋中文字幕| 成人免费视频网站入口::| 一二三区视频在线观看| 免费精品视频在线| 亚洲国产高清aⅴ视频| 欧美性一二三区| 亚洲精品成人无码熟妇在线| 国产盗摄女厕一区二区三区 | 下面一进一出好爽视频| 日韩一区欧美二区| 国产日本一区二区| 欧美系列亚洲系列| 国产一区二区三区四区五区六区 | 久久亚洲精华国产精华液| 印度午夜性春猛xxx交| 蜜臀av粉嫩av懂色av| 国内欧美视频一区二区| 一区二区三区蜜桃| ww久久中文字幕| 欧美在线影院一区二区| 免费黄色片网站| 美女被艹视频网站| 精品一区二区三区免费视频| 亚洲色图色小说| wwwwww.欧美系列| 欧美亚洲尤物久久| www.99热| 成人免费看片载| 成人一二三区视频| 免费的成人av| 亚洲视频在线观看一区| 欧美成人video| 在线观看中文字幕不卡| 91网站免费视频| 国偷自产av一区二区三区麻豆| 九色综合狠狠综合久久| 亚洲一区在线视频观看| 中文成人综合网| 欧美成人精品高清在线播放| 91福利在线观看| 超碰97av在线| 网站免费在线观看|