What is the Bretton Woods 2.0 project?

The Bretton Woods Institutions were created in 1944 in the hopes that stronger international economic coordination would prevent another world war. Today, more than 80 years later, these institutions need to be revitalized and reimagined for a transformed global economy.

In an era of fierce geopolitical rivalries and unprecedented crises at a global scale, there is a profound need for reforms to the world’s monetary and financial system. But how exactly? What would a Bretton Woods system look like if it first emerged today?

Spring 2025 Meetings (Washington, DC)

Events

After a week packed with high-level meetings, what stood out? The Atlantic Council GeoEconomics Center closes out the IMF-World Bank Spring Meetings with a recap of the moments that mattered, touching topics from trade barriers to development finance. #IMFWBSM2025
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Amid widening financing for development gaps worldwide, effective implementation of development projects and policies is critical: as is partnering and extending the reach of limited resources. UNOPS Assistant Secretary General and Deputy Executive Director Kirstine Damkjaer joins Nicole Goldin to discuss elements of impactful and inclusive implementation, harnessing private sector partnerships, and reaching last-mile communities. #IMFWBSM2025
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Featured research

Argentina needs reforms even more than the IMF’s money

Testimony Feb 25, 2025

Martin Mühleisen testifies to House Committee on Financial Services on the role of multilateral financial institutions in competition with China

By Martin Mühleisen

On February 25, Senior Fellow Martin Mühleisen testified to the House Committee on Financial Services at a hearing titled, “Examining Policies to Counter China” 
China Economy & Business
Argentina needs reforms even more than the IMF’s money

New Atlanticist Jan 3, 2025

Five big questions about the global economy in 2025

By Josh Lipsky, Sophia Busch

The answers to each of these questions will help determine the United States’ economic standing in the next twenty-five years.
China Digital Currencies
Argentina needs reforms even more than the IMF’s money

New Atlanticist Dec 3, 2024

The IMF and World Bank did well under the first Trump administration. Will they again?

By Martin Mühleisen

The geopolitical rivalry between the United States and China has become more intense since Trump’s first term, which could affect how the incoming administration approaches the Bretton Woods institutions.
Economy & Business International Financial Institutions
Argentina needs reforms even more than the IMF’s money

Issue Brief Oct 9, 2023

How the IMF can navigate great power rivalry

By Hung Tran

Fragmentation resulting from geopolitical competition between large economies is posing a serious challenge to the fulfillment of IMF’s core missions. Here’s how it can respond.
China Economy & Business
Argentina needs reforms even more than the IMF’s money

Issue Brief Oct 9, 2023

The Bretton Woods institutions under geopolitical fragmentation

By Martin Mühleisen

Given China’s current resource advantage, Western countries need to make better use of the IMF and World Bank where doing so is in their interest. If applied more broadly, this approach could provide incentives for other governments to return to multilateral institutions, instead of China, for support.
China Economy & Business
Argentina needs reforms even more than the IMF’s money

Issue Brief Oct 9, 2023

Reimagining Africa’s role in revitalizing the global economy

By Amin Mohseni-Cheraghlou

The African continent potential to revitalize the world economy and reverse the downward trend in global growth. However, for this to materialize, it needs substantial investments in its physical and social infrastructure.
Africa China

Featured data visualization

2024 Annual Meetings Events

Explore highlights

A lot of people ask us what’s the difference between the IMF and the World Bank. Atlantic Council nonresident senior fellows Nicole Goldin and Martin Muhleisen worked at the World Bank and IMF respectively, so they know the answer better than anyone. They break down everything from the organizations’ missions and how they’re applied, to their cultures to see some of the key differences and similarities between the two international organizations.
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What’s the difference between the IMF and the World Bank?

As the IMF-World Bank annual meetings wrap up, Atlantic Council Nonresident Senior Fellow Martin Mühleisen shares some key takeaways from the meetings. "The world's finance ministers assembled here in Washington have issued a rather underwhelming communique," he says, adding they were "congratulating themselves for achieving a soft landing while regurgitating formulaic policy priorities." "The only concrete deliverables were those that support low income countries," Mühleisen says. For more analysis and conversations from the week, visit the Atlantic Council website: https://www.atlanticcouncil.org/imf-world-bank-week/
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Martin Mühleisen: IMF communique "underwhelming"

“China’s investment income is only reported in aggregated level, and it has gone down," says economist Brad Setser. “There’s a puzzle there." “That’s the kind of thing that I would like to see the IMF look at, and it has just ignored in the last few staff reports” He discussed the IMF's approach to China's economic data with Atlantic Council fellow and former IMF senior official Martin Mühleisen at the 2024 IMF-World Bank Annual Meetings. For more analysis of the IMF's data on China's economy, watch the full conversation: https://www.youtube.com/watch?v=AsVQ6GkGgFc
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Brad Setser: IMF should look into Chinese investment income "puzzle"

Megan Greene, an external member of the Bank of England’s Monetary Policy Committee, says interest rates “will probably have to end up a bit higher than they were" before the pandemic. "We’re not going back to the rates that we had pre-pandemic", she told the Atlantic Council's Josh Lipsky. "There’s reason to believe that our r-star has risen a bit." They spoke about the path forward at the 2024 IMF-World Bank Annual Meetings. For more, watch the full conversation: https://www.youtube.com/watch?v=uNcsm78WnNM
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Bank of England’s Megan Greene: interest rates will end up "a bit higher” than before the pandemic

At an #acfrontpage event, European Central Bank President Christine Lagarde told the Atlantic Council's Frederick Kempe that the upcoming US election will "have ramifications around the world in a very significant way." "The United States is leading in multiple ways and has to deploy its leadership for the common good," Lagarde said. For more on her insights regarding Europe’s economic challenges and the path forward during IMF-World Bank Week at the Atlantic Council, watch the full conversation: https://www.youtube.com/live/OfQpPZRB0Ww
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Christine Lagarde: "A lot is at stake" for the world in the US elections

"We have significant bilateral trade with the US," says Ireland's Finance Minister Jack Chambers. "We're quite clear on having that pro-trade approach." "I am concerned, though, about the wider narrative that exists both in parts of the EU and indeed the US on a protectionist outlook taking hold and we have to guard against that," he added. He was speaking to the Atlantic Council's Charles Lichfield during the 2024 IMF-World Bank Annual meetings. For more, watch the full conversation: https://www.youtube.com/watch?v=2Nf9jYEs-uI
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Irish Finance Minister: The US and EU must “guard against” rising protectionism

Europe must have "its own view" on trade and tariffs, says Spanish Minister of Economy Carlos Cuerpo. "“We are not the US. We are not China,” he said. Cuerpo said Spain's economy "thrives thanks to multilateralism" and trade under World Trade Organization rules, but "it’s 2024. It’s not 2004. We have to be open, but we should not be naive." He spoke to Josh Lipsky at the Atlantic Council during the 2024 IMF-World Bank annual meetings. For more, watch the full conversation: https://www.youtube.com/watch?v=MLHIT2je-BI
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Spain's economy minister: Europe must have "its own view" on trade and tariffs

Ukraine's Finance Minister Serhiy Marchenko reacts to the news that the US will participate in the G7 ERA loan using immobilized Russian assets and shares his perspective on how the funds will be allocated. He was speaking to the Atlantic Council's Charles Litchfield at the IMF-World Bank annual meetings. For more, watch the full conversation: https://www.youtube.com/watch?v=rdiA8bG5ync
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Ukraine's Finance Minister on the importance of the G7 ERA loan

What’s your pick? IMF or World Bank? Micro or macro? Digital dollar or paper dollar? Watch this video from inside the IMF-World Bank annual meetings in Washington to see what people are saying. #shorts
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IMF or World Bank. What's your pick?

Atlantic Council Senior Fellow Hung Tran discusses the International Monetary Fund's (IMF) October 2024 World Economic Outlook during a panel at IMF headquarters in Washington, DC. Tran highlights a key point missing from the report: "Inflation might be lower because of lower activity and fiscal tightening, but the structural component of inflation is persistently high", he tells Josh Lipsky, senior director at the Atlantic Council's GeoEconomics Center. He adds, "The stickiness of inflation is something we need to keep an eye on." Stay up to date and get live analysis from the IMF-World Bank meetings by visiting our New Atlanticist blog: https://www.atlanticcouncil.org/blogs/new-atlanticist/get-an-inside-look-at-the-imf-world-bank-meetings-as-finance-leaders-navigate-a-geopolitically-fragmented-world/
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What the IMF's October 2024 World Economic Outlook overlooked

At the intersection of economics, finance, and foreign policy, the GeoEconomics Center is a translation hub with the goal of helping shape a better global economic future.

Learn more

Econographics

Oct 18, 2024

The rising influence of geopolitics in economic crisis support

By Patrick Ryan and Amulya Natchukuri

Newer insurance mechanisms such as bilateral swap lines and regional financing arrangements are increasingly being used as political footballs.

Economy & Business Financial Regulation

Bretton Woods 2.0

Oct 11, 2024

Treasury’s Jay Shambaugh on why the US needs the IMF and World Bank in order to respond to crises

Watch the full event Speaker Jay ShambaughUnder Secretary for International Affairs, US Department of the Treasury Moderator Greg IpChief Economics Commentator, the Wall Street Journal Introduction Josh LipskySenior Director, GeoEconomics Center, Atlantic Council Event transcript Uncorrected transcript: Check against delivery JOSH LIPSKY: Good morning. Welcome to the Atlantic Council. I am Josh Lipsky, senior director […]

Economy & Business Financial Regulation

Econographics

Oct 4, 2024

The IMF needs to find its geopolitical bearing

By Martin Mühleisen

Western delegates should think hard about how the financial and intellectual capital invested in the institutions can be put to better use in the interests of democracies around the world.

Economy & Business Financial Regulation

Econographics

Sep 27, 2024

The IMF-World Bank Annual Meetings in 2024: Five important issues to be addressed

By Hung Tran

Despite intense geopolitical contention that has stymied international cooperation, the October gathering could nevertheless lead to agreements to stabilize a volatile global economy.

Economy & Business International Financial Institutions

Econographics

Jul 18, 2024

The Bretton Woods institutions need revitalizing. Luckily, they are no strangers to reform.

By Amin Mohseni-Cheraghlou

The changing nature of the global economy is forcing these institutions to take a renewed look at their governance structure and mandates. This is not the first time they have had to do so.

Economy & Business Fiscal and Structural Reform

New Atlanticist

Jun 21, 2024

Milei’s biggest challenge is to foster the societal consensus that Argentina needs to thrive

By Martin Mühleisen

Despite President Javier Milei’s popularity with a large part of the Argentinian public, failure to array Congress behind his movement could again leave the country with a half-completed reform agenda.

Economy & Business Fiscal and Structural Reform

Econographics

May 21, 2024

The Euro’s share of international transactions is likely smaller than it looks 

By Hung Tran

And the renminbi’s is larger.

China Economy & Business
Factory under construction

Econographics

Apr 29, 2024

The IMF warms to industrial policy—but with caveats

By Walter Frick

Industrial policy is making a comeback around the world. There’s no better sign of this than the new attention paid to subsidies by bastions of the Washington consensus like the International Monetary Fund (IMF), which has historically been very skeptical of them.

Fiscal and Structural Reform International Financial Institutions

Issue Brief

Apr 16, 2024

Geoeconomic fragmentation and net-zero targets

By Shirin Hakim and Amin Mohseni-Cheraghlou

This report outlines how the Bretton Woods Institutions can mitigate the effects of growing geoeconomic fragmentation on global net-zero targets.

China Climate Change & Climate Action

New Atlanticist

Apr 14, 2024

Our experts decode policymakers’ plans for the global economy at the IMF-World Bank Spring Meetings

By Atlantic Council experts

Atlantic Council experts were on the ground at the IMF-World Bank Spring Meetings to analyze whether the Bretton Woods institutions can guide the world through an uncertain recovery.

Economic Sanctions Economy & Business
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Content

New Atlanticist

Jan 12, 2024

Argentina needs reforms even more than the IMF’s money

By Martin Mühleisen

Buenos Aires must take a sustained path of economic reform or face an uncertain future with prolonged misery, social hardship, and continued decline.

Economy & Business Fiscal and Structural Reform

Econographics

Nov 8, 2023

How digitalization can improve climate resilience in the Global South

By Camilla Valente and Saffiyah Coker

Digitalization offers a novel opportunity to build climate resilience if properly supported by the Bretton Woods Institutions.

Economy & Business International Financial Institutions

Econographics

Oct 27, 2023

The status of labor rights in US trade policy

By Uma Menon

US trade policy can advance labor rights globally through stronger enforcement mechanisms and deeper multilateral collaboration with international organizations.

China Economy & Business
International Monetary Fund (IMF) Managing Director Kristalina Georgieva holds up a logo for the 2023 global policy agenda at the start of a news conference during the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington, U.S., April 13, 2023. REUTERS/Elizabeth Frantz

Econographics

Sep 19, 2023

How the IMF can make sovereign debt restructuring more effective

By Bruce Shen and Euel Kebebew

In light global debt crisis, the IMF plays crucial role in navigating complexities exacerbated by COVID-19, emphasizing transparency, incentives, and innovative financial tools for effective debt management.

China Economy & Business

Econographics

Aug 23, 2023

What Brazil’s “multipolar” foreign policy means for the Bretton Woods institutions

By Jack Tapay-Cueva and David Dong

The BWIs must address the evolving attitudes of countries like Brazil to maintain their relevance in an ever-changing global order.

Brazil China

Econographics

Jul 27, 2023

The G20 still hasn’t made a breakthrough on sovereign debt restructuring

By Hung Tran

The G20's recent meeting failed to make progress on sovereign debt restructuring, disappointing low and middle-income countries. Zambia's deal favored China's preferences, revealing the challenges in establishing an equitable framework for debt relief.

Africa China

Econographics

Jul 12, 2023

Progress on debt restructuring provides a glimmer of hope for developing countries

By Jeremy Mark and Vasuki Shastry

As government and private-sector creditors finally take steps to restructure debt, questions remain over their readiness to meaningfully reduce debt burdens.

Africa China

Econographics

Jun 21, 2023

How ESG investing can better serve sustainable development

By Nisha Narayanan

2022 revealed several roadblocks preventing ESG from contributing to sustainable development. To change course, more clarity and agreement from both private data providers and from regulators is necessary.

Economy & Business Financial Regulation

New Atlanticist

Apr 5, 2023

David Malpass on China’s role in the World Bank and how to prevent a ‘lost decade for growth’

By Katherine Golden

The president of the World Bank, speaking at the Atlantic Council as he prepares to hand over the reins to his successor, has one big worry about the global economy: a “reversal in development.” 

Digital Currencies Economy & Business

New Atlanticist

Apr 4, 2023

Five ways the World Bank can redefine its role in the global economy

By Nicole Goldin, Mrugank Bhusari

With a new president on the horizon and an appetite for reform in the US and beyond, the World Bank is ready for change. It can start by focusing on these five policy priorities.

Economy & Business Fiscal and Structural Reform
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