The World Bank and the International Monetary Fund are meeting this week in Washington to highlight their central role in the international financial system. Governors, finance ministers, private sector participants, and civil society organizations from all over the world have gathered for this event.
While these institutions value the involvement of all nations, they were not created solely to cater to non-market economies like China. They were designed to promote development, economic growth, and stability. However, an inclusive approach may not be suitable for financial institutions with such goals.
Former senior advisor Dan Katz at the United States Department of the Treasury now serves as an adjunct fellow at the Manhattan Institute. D.J. Nordquist, who served as the U.S. executive director of the World Bank Group, is currently a senior advisor at the Center for Strategic and International Studies. These two experts provide valuable insights on this topic in their recent piece published by The Hill.