Meanwhile, I admit I don’t have the crystal ball beyond the current crisis to foresee its specific effects on the longer-term monetary architecture. But they are certainly not unconnected: e.g. the proposal for new SDR allocation is closely related to the pursuit of a better functioning multilateralism.
And by my reading and experience, there is no historical evidence that hegemony would create a more stable global monetary order than effective multilateralism. But I guess that should be a no-brainer for a body that is called Re-inventing the Bretton Woods Committee, so I refrain from lecturing! Let me make three points in my introductory remarks. 1.