IMF chief warns of growing global divide

The growing divide can be seen, among other things, in the growing trade tensions between, for example, the United States and China. This year there are also elections in many countries. There seems to be a rise of the radical right and nationalism, as many experts have already mentioned. Marine Le Pen’s party seems to be the big winner in this weekend’s French parliamentary elections.

Hilbers does not want to comment on specific political developments. “We must be careful not to identify the contradiction between left and right in politics with whether they are for or against international cooperation,” he says. He acknowledges that in some cases things are “not going quite in the right direction.”

Welfare

“So we still have a lot to do,” he added. Hilbers points out that globalisation has brought “enormous prosperity.” “Therefore, we will do everything possible to keep trade and the financial system open, to bring countries together and keep them united. That is a task for the IMF.”

The IMF was conceived eighty years ago during the famous Bretton Woods conference in July 1944. At the heart of that conference was the will to cooperate internationally. While the Second World War was still in full swing, many countries met to discuss the situation after the war. They decided that the IMF should guarantee financial stability. The World Bank took over responsibility for the fight against poverty.

According to Hilbers, the goals of both organisations remain the same. And it remains relevant, he adds. “Especially now that there are new challenges with climate change and the rise of AI.”

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