Bretton Woods institutions must reorient, US Treasury secretary says

Scott Bessent said institutions such as the IMF and World Bank must correct trade imbalances and protect the value of fiat currencies against exchange rate risks.

United States Treasury Secretary Scott Bessent recently called for “Bretton Woods institutions,” such as the International Monetary Fund (IMF), to reorient themselves, a signal that the global monetary order could be shifting.

Speaking at the Institute of International Finance (IIF) on April 23, Bessent called on the IMF and the World Bank to correct trade imbalances and protect the value of fiat currencies against exchange rate risk.

“The Bretton Woods institutions must step back from their sprawling and unfocused agendas,” Bessent said. He added:

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