BRETTON WOODS AGREEMENT
Not as $trong, but $till $ignificant
Recent reports suggest that Saudi Arabia has shifted away from the US dollar in its oil trade agreements, deviating from the petrodollar system. Though these reports lack concrete evidence, they stir speculation in the global financial system. BRICS nations have also signaled intentions to reduce their dependence on the dollar, advocating the use of local currencies in cross-border transactions among member states.
For a few dollars less: The quiet demise of the petrodollar agreement
The USD hegemony is unravelling, and the global financial order is moving towards a new era led by BRICS-plus countries. Hard commodities-based blockchain-enabled digital currencies will challenge the dollar's dominance and its power dynamics through transparency and inherent strength. How this will play out in gaining legitimacy and acceptance will determine our lives over the next decade.
Multilateral development banks’ reforms incomplete without similar reforms at IMF: Niti Aayog’s Suman Bery
Since the Asian financial crisis (in 1997), India has run its macroeconomy essentially to make sure that the current account deficit is around 2% of the GDP and to build up reserves, says the economist.
If you want our countries to address climate change, first pause our debts
Africa has been borrowing at a cost up to eight times higher than the rich countries to rebuild despite receiving funds to tackle the climate crisis.
At Paris summit, World Bank unveils debt payment pause for disaster-hit countries
French President Emmanuel Macron is hosting a summit on Thursday and Friday in Paris to pin down a roadmap for easing the debt burdens of low-income countries while freeing up more funds for climate financing. Nearly 40 heads of state and government are set to back a push for multilateral development banks like the World Bank to put more capital at risk to boost lending, Reuters reported this week, citing a draft summit statement.
Why a better distribution of global power would suit India, and the developing world
The US economy accounts for 25% of global output, China's 20%. China is now a bigger creditor to developing countries than the US. For all its economic heft, China remains a minnow in global financial markets. One reason is China's reluctance to commit the renminbi to full convertibility on the capital account. The more fundamental one is the upper hand the US had in the 1944 Bretton Woods conference that set up the post-World War 2 global financial order, in which the dollar was assigned the role of the world's reserve currency, overriding British negotiator John Maynard Keynes' suggestion to create a new bancor to settle international balance of payments.
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Is India making use of its G20 presidency to advance developing world interests?
In our current interconnected, interdependent world, coordination of national policies and actions is a must, to ensure mutual interaction results in productive coherence for the world at large, rather than conflict. This calls for global platforms where leaders of the countries that matter can get together and agree on some things.
From India to Kazakhstan, suddenly everyone is hunting for alternatives to the US Dollar
Several economies are chipping away at dollar use as a by-product of efforts to build new payment networks — a campaign that pre-dates the surging greenback.
Learn with ETMarkets: What is a dollar index and where is it headed?
The six currencies which are included in the US dollar index are America’s major trading partners. The index has been replaced only once when the Euro replaced German Mark, French Franc, Italian Lira, Dutch Guilder and the Belgian Franc.
Russia seeks Brazil's help to prevent expulsion from IMF, World Bank
Russian Finance Minister Anton Siluanov wrote to Economy Minister Paulo Guedes asking for Brazil's "support to prevent political accusations and discrimination attempts in international financial institutions and multilateral fora."
View: G20's 2008 rescue, sound credentials
It was 2008. The world was in the throes of the subprime mortgage crisis. Global economic meltdown was being feared and the dreaded 'D' word was being spoken in hushed tones. That is when the leaders of the G20 group rose to the challenge. G20 was constituted as a forum for finance ministers and central bankers in 1999 just after the Asian financial crisis.
View: Global climate inaction shows multilateral institutions need reinventing
To be sure, multilateralism will need to re-examine its shibboleths and may have to reinvent itself if it plans to save the world from itself. Several global commitments mediated by multilateral institutions have, indeed, been successful.
View: It’s hard to be the next China, not impossible
The hour when China phase will end was foretold, and also that India will take its place in due time. Will it?
India's protectionism conflicts with aim to be the next China
It doesn’t look like India sees itself as the world’s next factory, which requires openness.
‘WTO has to reinvent values that trade can bring to people’s lives’
More than 200 stakeholders representing various interests of the global trading system from all over the world took part in a webinar titled:What would happen to a world without the WTO?, where they underlined the importance of the global trade body.
Currency markets expose a crucial flaw in Trump's China tariffs
The yuan “floats” far less than most major currencies in global FX markets
Currency markets reveal crucial fault in Trump's trade tariffs
Foreign exchange has emerged as a focal point in US-China trade talks.
How the US has made a weapon of the dollar
America is weaponising its currency to preserve its global economic and geopolitical position.
OECD chief voices concern over protectionist moves by US
The Paris-based think tank quoted PM Narendra Modi in saying that the industry and the government should work together to ensure inclusive growth.
need2know: Google tax, lower CAD and more
RBI governor Raghuram Rajan has called for a global pact on monetary policy issues so that local policies of central banks cannot have adverse impact on global economy. Meanwhile, get ready to pay more for shopping online as the government is all set to expand the scope of the equalisation levy. All this and more in today's macro buzz, which could impact the market
Raghuram Rajan for new global pact to deal with monetary policy issues
Rajan said the world is facing an increasingly dangerous situation and both advanced and emerging economies need to grow in order to ease domestic political tensions.
Currency wars: Dollar vs yuan vs euro through the ages
China's devaluation of its currency Yuan by 3.5 per cent in two days brings to fore the `Currency Wars' theory put forth by an American lawyer.
No plans for AIIB branches abroad: Chinese official
The AIIB is the first Asian bank to have a new banking system that is independent of the dominance of founding member-states of the international Bretton Woods system.
Will Chinese yuan replace US dollar as the global reserve currency?
When the world economy heads into a crisis, the international currency system often breaks down because debtors can't meet their obligations.
Dress rehearsal for new Bretton Woods
The London Summit disappoints by trying to treat the symptoms but not one of the main causes of the crisis: the role of the US dollar and global imbalances.
Long way to go for a new Bretton Woods
The world will have to wait until April to see how serious they are when leaders gather for a second summit, probably in London.
IMF favours new Bretton Woods Pact for financial stability
IMF has sought support of G-20 for a new Bretton Woods Agreements, a reformed global financial architecture, to deal with the current turmoil and prevent its recurrence.
IMF chief for devising early warning system for economies
Favouring a "new Bretton Woods Agreement", IMF chief Dominque Strauss-Kahn has said an early warning system to detect impending dangers to the world economy must be put together by international financial expertise.
G20 summit will not lead to Bretton Woods II: IMF chief
Warning that the G20 summit next week is unlikely to produce radical change in the way the global economy is governed, the head of IMF said that expectations from the summit are over-hyped.
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