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US Treasury Secretary Urges IMF, World Bank to Refocus as Global Monetary Order Wavers

24 April 2025
in Crypto, News
Reading Time: 3 mins read
102 6
Home News Crypto

United States Treasury Secretary Scott Bessent has called for a major strategic shift within the International Monetary Fund (IMF) and World Bank, signalling potential changes to the global financial system amid mounting economic pressure and currency volatility.

Speaking at the Institute of International Finance (IIF) on April 23, Bessent urged these institutions, born out of the historic Bretton Woods Agreement, to narrow their scope and return to core objectives like stabilizing fiat currencies and correcting global trade imbalances.

“The Bretton Woods institutions must step back from their sprawling and unfocused agendas,”

Bessent stated, emphasizing the IMF’s founding purpose: to foster international monetary cooperation, ensure balanced trade growth, and deter currency manipulation tactics such as competitive devaluations.

He highlighted US-China trade disparities as a flashpoint, arguing that imbalances threaten global financial equilibrium. His comments echo growing concerns among economists and investors that the post-World War II monetary order—long anchored by the dollar—may be eroding.

Billionaire hedge fund manager Ray Dalio has stated that the world is experiencing a significant macroeconomic shift that could challenge the U.S. dollar’s status as the main reserve currency. He and other analysts believe digital assets may eventually replace the dollar in this role.

The Bretton Woods framework, established in 1944, linked the currencies of 44 nations to the U.S. dollar, which was pegged to gold at $35 an ounce. This system was dismantled in 1971 when President Nixon ended gold convertibility, leading to floating fiat currencies. While the IMF and World Bank still operate under the legacy of Bretton Woods to manage economic fluctuations, Bessent argues for a more proactive strategy that utilizes emerging technologies to enhance the dollar’s global position.

Notably, the U.S. Senate confirmed Bessent as Treasury Secretary with a 68-29 vote on January 27, 16 Democrats sided with Republicans to support the nomination, representing a significant victory for President Donald Trump’s administration.

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