Publication

This commentary examines the legitimacy of the US-led Bretton Woods economic architecture - which includes the IMF, World Bank and WTO - and how it is affected by the China-led economic architecture in Asia. The author argues that the Bretton Woods institutions have lost much of their legitimacy as they have not reformed to increase the voice of emerging markets despite their increasing economic power. At the same time, he suggests that the China-led architecture in Asia has further complicated the governance of the global architecture as it does involve western countries. He then contends that the situation could be resolved if both sets of institutions could work together, but that this is unlikely.