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What Janet Yellen is right about the global economic order

The war in Ukraine “has reshaped the contours of the global economic outlook,” Treasury Secretary Janet Yellen said in an April 13 speech. She invoked the precedent of the Bretton Woods meeting in 1944, which designed the current economic system after World War II.

The Biden administration tends to place over-reliance on multilateral solutions to global problems, but Yellen offered a clear and innovative idea officials should seriously consider: a new trade architecture “on terms that work better for American workers.” “. Calling on China in particular for its support for Russia, she said the new system should be organized by “countries we know we can count on”.