In recent years, there has been broad global financial stability and modest adaptations to the influence of emerging actors in the Bretton Woods system, but concerns remain about the system’s durability and unresolved tensions between global and regional financial mechanisms. 

How institutions such as the International Monetary Fund (IMF), the World Bank, and regional financial institutions address the post-COVID-19 economic challenge will determine the stability of the system overall.

The US dollar’s role as the major global reserve currency remains a subject for debate with the growth of the RMB and the euro, but substantial structural and political impediments to these becoming competing global reserve currencies are likely to persist.  

Key areas of focus for our work include how the RMB is internationalizing in light of the Belt and Road Initiative and the emergence of the Asian Infrastructure Investment Bank, as well as developing countries challenging established financial norms in the IMF and the World Bank.