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Why won’t the Bretton Woods institutions take crisis risks seriously?

The International Monetary Fund (IMF) and World Bank spring meetings have faded in significance since the G20 became the main forum for discussion between major economic powers. As happened last year, little was agreed when the governors of the two Bretton Woods Institutions met in Washington last week.  The gloomy context of a faltering world economy was at the forefront of the communiqué issued by the International Monetary and Financial Committee ( IMFC) – a group of finance ministers and central bankers from the 24 countries and constituencies that have seats on the IMF’s executive board (these are mostly high-income countries). They note a wide range of problems, including that “financial market volatility and risk aversion have risen” and that “lower commodity prices have ...