The willingness of the established, post-war leadership countries to cede a degree of status and control to the emerging world will need to increase at the same speed as the emerging countries’ willingness to grasp and accept their rising responsibilities. Will this occur? It is hard to judge.
Much will depend on whether the various parties have the same general ideas about the purpose of the international monetary system. That is, at this point anyway, not clear. Another thing we might see is a certain tendency towards the financial repression that was a feature of the post-war world in which Warren Hogan first studied economics.