Global Shift: Multilateralism as the Key to De-Dollarization
1 month, 3 weeks ago

Global Shift: Multilateralism as the Key to De-Dollarization

Live Mint  

The article discusses the debate surrounding de-dollarization and the potential benefits and challenges associated with it. It highlights the importance of a multipolar global monetary system and the need for international dialogue and coordination to address concerns of the developing world. The article suggests measures such as encouraging the use of other major currencies alongside the dollar, promoting the internationalization of the renminbi (RMB), and increasing the weight of developing-world currencies within the SDR basket.

Finance International Relations Economics Global Governance  dollar  international  global  currencies  developing  countries  multilateralism  solve  system  currency  dedollarization  worlds  financial  needs  debate  monetary

History of this topic

De-dollarization debate: The US-led West should rethink its dollar diplomacy
1 week, 5 days ago

De-dollarization debate: The US-led West should rethink its dollar diplomacy

Live Mint  

Amid the recent maelstrom of political news was an important development for the future of technology-enabled public money. Conceived in 2022 as a clearing-house for central-bank digital currencies, mBridge had anchored the BIS’s own work towards a global interbank settlement system to connect CBDCs beyond the control of any single government. It was intermediated private money that exported Western rules …

Saving the international monetary system
1 month, 2 weeks ago

Saving the international monetary system

China Daily  

MA XUEJING/CHINA DAILY In the post-Bretton Woods era, there exists a fundamental contradiction between the dollar's status as a national currency and as an international reserve currency. After the outbreak of the global financial crisis, former president of the International Monetary Fund Christine Lagarde said at the China Development Forum that the reform of the international monetary system should focus …

BRICS Summit: Paving the Way for an Inclusive International Order
2 months ago

BRICS Summit: Paving the Way for an Inclusive International Order

China Daily  

The 16th BRICS Summit will take place in Kazan, Russia from Tuesday to Thursday. The meeting, the first of its kind since the group's expansion, will have leaders from the new member countries join the discussions. BRICS promotes multilateralism and advocates for a fairer and more inclusive international order that reflects the political, demographic and economic weight of the countries …

BRICS Summit: Paving the Way for an Inclusive International Order
2 months ago

BRICS Summit: Paving the Way for an Inclusive International Order

China Daily  

The 16th BRICS Summit will take place in Kazan, Russia from Tuesday to Thursday. The meeting, the first of its kind since the group's expansion, will have leaders from the new member countries join the discussions. BRICS promotes multilateralism and advocates a fairer and more inclusive international order that reflects the political, demographic and economic weight of the countries of …

The world is still on fire, sadly, as the multilateral system looks on
8 months ago

The world is still on fire, sadly, as the multilateral system looks on

Live Mint  

The world is facing its worst five-year span in three decades. For the last several years, world leaders have made big promises and laid out bold plans to mitigate the climate crisis and help poor countries adapt. They pledged that the World Bank would transform itself to work on climate change, and that the multilateral system would get new money …

De-weaponizing the dollar
10 months, 2 weeks ago

De-weaponizing the dollar

China Daily  

BRICS is spearheading a new cross-border payment system using digital currencies to break away from Western dominance WANG XIAOYING/CHINA DAILY The United Arab Emirates and China completed the first cross-border payment using the digital dirham on Jan 30. The fact that the most advanced technology for using digital currencies has been created in developing countries illustrates that countries in the …

Act with urgency to reform the international monetary system
1 year, 1 month ago

Act with urgency to reform the international monetary system

Live Mint  

The global economy is at an impasse. These pillars would be greater fairness in the IMF’s functioning, an adjustment of its mandate for the 21st century and a reinforcement of its role in global monetary and financial governance. Mandate: The IMF’s mandate should explicitly include effective surveillance of capital flows, which, in a highly financialized world, has much greater influence …

Familiar source of global financial problems
1 year, 3 months ago

Familiar source of global financial problems

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. To ease the inflationary pressure, the Federal Reserve began a radical interest rate hike cycle in March 2022, which caused serious negative spillover effects on the world economy. For a long time, the US has used its dollar hegemony in the international monetary system to …

Adopt measures to help improve global financial governance
1 year, 4 months ago

Adopt measures to help improve global financial governance

China Daily  

Intense challenges and transformations characterize the global situation today. One of the most contentious issues is the US dollar's hegemony as global reserve currency. At present, replacing the dollar as a global reserve currency with another currency may not be feasible, because in addition to the unwanted macroeconomic effects of the new currency on different economies, there is a need …

Adopt measures to help improve global financial governance
1 year, 4 months ago

Adopt measures to help improve global financial governance

China Daily  

Intense challenges and transformations characterize the global situation today. One of the most contentious issues is the US dollar's hegemony as global reserve currency. At present, replacing the dollar as a global reserve currency with another currency may not be feasible, because in addition to the unwanted macroeconomic effects of the new currency on different economies, there is a need …

US responsible for de-dollarization, says IMF
1 year, 5 months ago

US responsible for de-dollarization, says IMF

Firstpost  

Washington’s policies and actions have compelled most countries across the world to seek alternatives to US dollar, said International Monetary Fund’s executive director for Russia, Aleksei Mozhin. ‘Process of de-dollarization has begun’ “It’s clear that it will not happen at once, but the process has begun,” Mozhin said, anticipating a steady decline in the dominance of dollar. “I think our …

ECONOMIC PERSPECTIVES | No concrete outcomes at IMF and World Bank Spring Meetings
1 year, 7 months ago

ECONOMIC PERSPECTIVES | No concrete outcomes at IMF and World Bank Spring Meetings

The Hindu  

Published : May 04, 2023 11:00 IST - 11 MINS READ Ministers, central bankers, officials, and civil society activists returning home from Washington after the Spring Meetings of the World Bank and the International Monetary Fund held in April 2023 were not clear what the outcomes of the meetings, however minor, were. The IMF’s record, thus far, has been marked …

Why de-dollarization is inevitable
1 year, 7 months ago

Why de-dollarization is inevitable

China Daily  

In 1023, a thousand years ago, the Song Dynasty changed the history of money by introducing paper money, jiaozi, as legal tender and a means of exchange. A full millennium later, China is again set to transform the history of money, first, by spearheading the transition from paper money to the era of digital currency, leading the world in mobile …

ECONOMIC PERSPECTIVES | World Bank-IMF plans to resolve global economic crises a road map to limbo
1 year, 8 months ago

ECONOMIC PERSPECTIVES | World Bank-IMF plans to resolve global economic crises a road map to limbo

The Hindu  

Published : Apr 20, 2023 11:00 IST - 9 MINS READ In the run-up to the annual Spring Meetings of the World Bank and the IMF in the second week of April, there was much talk that the two organisations were on the cusp of change. Confronted by the realisation that they are not up to the tasks set by …

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