Strengthening the Existing Order

Part of the Global Forecast 2015

The pages of the economic press are not the place to look if you are feeling gloomy about the future of the liberal order: “Japan’s corporate confidence fades,” “Germany slashes its economic forecasts,” “Yen tensions rise,” “The euro zone: that sinking feeling (again).” Along with the United States, Japan and Europe represent the pillars of the Bretton Woods system, but unlike the United States, confidence in their economic prospects is low. It is understandable why emerging economies have been looking for alternatives: no matter how useful the tools and rules of Bretton Woods have proven to be, the economies that underpin it don’t look hugely appealing.

Amy Jean Studdart