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

Essential but unevenly distributed: IMF’s response to sovereign debt and financial crises

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
Essential but unevenly distributed: IMF’s response to sovereign debt and financial crises

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
Essential but unevenly distributed: IMF’s response to sovereign debt and financial crises

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
Essential but unevenly distributed: IMF’s response to sovereign debt and financial crises

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
Essential but unevenly distributed: IMF’s response to sovereign debt and financial crises

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
Essential but unevenly distributed: IMF’s response to sovereign debt and financial crises

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

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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

Econographics

Mar 15, 2023

Essential but unevenly distributed: IMF’s response to sovereign debt and financial crises

By Amin Mohseni-Cheraghlou

The IMF's response to today's multifaceted challenges will require broader financing support.

Africa Economy & Business

New Atlanticist

Feb 23, 2023

The big questions (and answers) about Ajay Banga’s nomination to lead the World Bank

By Atlantic Council experts

What to know about the former Mastercard chief executive officer's surprise nomination to lead the World Bank.

Economy & Business Fiscal and Structural Reform

New Atlanticist

Feb 22, 2023

China and private lenders are blocking a solution to the global debt crisis. The G20 must step in.

By Vasuki Shastry and Jeremy Mark

The international community must apply pressure so that China and private-sector lenders join in facilitating a collective haircut that includes all lenders.

China Economy & Business

New Atlanticist

Nov 30, 2022

A badly designed Ukraine bailout could backfire on the IMF. Here’s how to get it right.

By Martin Mühleisen

The IMF should stick to what it does best in aiding Ukraine: Using its macroeconomic expertise to corral broader support while sticking to its guidelines for its own loan.

Conflict Economy & Business

Econographics

Nov 11, 2022

The target of limiting global warming to less than 1.5 degrees is practically dead. Why do emissions per capita matter?

By Amin Mohseni-Cheraghlou

Achieving the target to limit global warming to below 2, preferably 1.5 degrees Celsius, by the end of the century seems more unfeasible than ever. The reason is simple. The most critical of greenhouse gases have continuously risen in the past decade and CO2 emissions are only expected to grow more in 2022 and for the foreseeable future. COP27 needs to pave the path for a renewed international cooperative and enforceable framework to reduce global greenhouse gas emissions by the world’s top emitters both in absolute terms and in per capita terms.

Climate Change & Climate Action Economy & Business

Econographics

Oct 31, 2022

The global infrastructure financing gap: Where sovereign wealth funds and pension funds can play a role

By Amin Mohseni-Cheraghlou and Naomi Aladekoba

Having more than $65 trillion in assets, institutional investors such as SWFs and pension funds are uniquely positioned to bridge low-income economies’ infrastructure financing gap in the coming decades. The Bretton Woods Institutions (BWI) can encourage investment in developing countries’ infrastructure through providing various guarantee and insurance mechanisms, thereby reducing risk for private investors.

Economy & Business Inclusive Growth

Econographics

Aug 2, 2022

The global slowdown: Why Sub-Saharan Africa is so important

By Amin Mohseni-Cheraghlou and Naomi Aladekoba

The global community, with the leadership of the IMF and the World Bank, needs to focus on Sub-Saharan Africa. While the population in countries that have moved into the high-income and upper middle-income categories are now aging rapidly, Sub-Saharan Africa is home to one of the world’s youngest population structure. In addition to lifting hundreds of millions of people out of poverty in this region, sustained and inclusive growth over the next two decades in Sub-Saharan Africa could contribute to the growth in the global economy.

Africa Economy & Business

Econographics

Jul 28, 2022

Keeping everyone in the club: How sanctions complicate the Bretton Woods Institutions’ job

By Mrugank Bhusari, Maia Nikoladze, Amin Mohseni-Cheraghlou

With a voting majority at the Bretton Woods Institutions, the G7 and EU can collectively ask the institutions to comply with their sanctions. This is complicating the IMF and World Bank's functions.

Economic Sanctions Economy & Business

Issue Brief

Jun 16, 2022

The Marshall Plan and the Belt and Road Initiative: More differences than similarities

By Sienna Nordquist

This issue brief provides crucial insights as international political and business leaders once again call for a “new Marshall Plan”—this time to rebuild Ukraine should Russian aggression end.

China Economy & Business

Econographics

Jun 13, 2022

Quasi-state financial institutions and the Bretton Woods: A case for collaboration?

By Amin Mohseni-Cheraghlou

The emergence of new regional entities in global finance means the Bretton Woods Institutions are no longer the sole flag-bearers of economic development and financial stability.

Africa Americas
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