The new geography of international finance

The annual meetings of the Bretton Woods institutions that took place in Singapore in September will be remembered not so much for their concrete results, but for the sense that the major players responsible for the stability of international financial system have accepted de facto that their power will need to be shared. If we look at the questions that policymakers are grappling with today, from the problems of global imbalances, to the reserve accumulation among central banks in surplus co