In Frankfurt the German tradition of monetary discipline at the European Central Bank has been polluted by the pro-growth tendencies of eurozone members and president Christine Lagarde. Layered on top of the fallout from coronavirus (which is still wreaking havoc in China) there is the Ukraine shock. This creates huge difficulties for the IMF and World Bank. Former Fed chief and now US Treasury Secretary Janet Yellen made no secret of her scepticism about the governance of the world economic order in a pre-IMF address at the Atlantic Council last week. Russia’s actions in Ukraine mean the institutions designed to guarantee global economic prosperity and stability need a total rethink.

Source: Daily Mail April 19, 2022 05:37 UTC