A Special Moment for Special Drawing Rights
The recent annual meetings of the IMF and the World Bank in Lima, Peru, were dominated by talk of the weakness of several emerging and developing economies. But the discussion focused very little on one key cause: the global monetary system and its continued reliance on the US dollar as the primary reserve currency.
NEW YORK – The recent annual meetings of the International Monetary Fund and the World Bank in Lima, Peru, were dominated by talk of the weakness of several emerging and developing economies. But the discussion focused very little on one key cause: the global monetary system. Much more will be said next month at the IMF board, though what the Fund will do remains an open question.