国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / View

BRICS must go for a 'Rio Consensus'

By Kevin P. Gallagher (China Daily) Updated: 2014-07-15 07:20

Conveniently scheduled at the end of the World Cup, the sixth BRICS summit presents the leaders of five emerging economies a truly historic opportunity, not least because it is likely to see the establishment of a new development bank and reserve currency pool arrangement.

This move could strike a true trifecta - recharge global economic governance and the prospects for development, as well as pressure the World Bank and the International Monetary Fund to get back on the right track.

The two Bretton Woods institutions, both headquartered in Washington, originally and with good reason put financial stability, employment and development as their core missions. That focus, however, became derailed in the last quarter of the 20th century. During the 1980s and 1990s, the World Bank and the IMF pushed the "Washington Consensus", which offered countries financing but conditioned it on a doctrine of deregulation.

With the benefit of hindsight, the era of the Washington Consensus is seen as a painful one. It inflicted significant economic and political damage on the developing world. Worse, the operations of the World Bank and the IMF are perceived as rigged against emerging and developing economies. The unwritten rule that the head of the IMF is always a European and the World Bank chief always an American is only a superficial but no less grating public expression of that.

Worse still is the fact that the voting structure of both institutions is skewed toward industrialized countries - and grants the United States veto power to boot. It wasn't always that way. As Eric Helleiner shows in one of his two new books, Forgotten Foundations of Bretton Woods: International Development and the Making of the Postwar Order, China, Brazil, India and other countries wanted development goals to remain a core part of the Bretton Woods institutions. Some of their proposals eventually made it into the policy mix of the World Bank and the IMF, including short-term financing, capital controls and policy space for industrial policy.

BRICS must go for a 'Rio Consensus' BRICS must go for a 'Rio Consensus'
Shanghai most likely headquarters for BRICS development bank World Bank head says new entrants 'will be welcome' 

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
...
丹东市| 且末县| 海门市| 东海县| 镇江市| 澜沧| 吴堡县| 富源县| 广东省| 商城县| 准格尔旗| 平泉县| 六枝特区| 凤山县| 瑞安市| 普洱| 化州市| 辽阳县| 宁陕县| 菏泽市| 环江| 凭祥市| 长治县| 黎平县| 鹤岗市| 攀枝花市| 平阳县| 江口县| 集安市| 贡觉县| 凤台县| 定日县| 休宁县| 扶绥县| 图木舒克市| 伊宁市| 瑞昌市| 德保县| 紫云| 松溪县| 祁阳县|