On the eve of next week’s annual meetings of the International Monetary Fund (IMF) and the World Bank, the world is being confronted with a perfect storm of deepening stagflation with very high risks of a global recession and financial crises.
The COVID-19 pandemic and Russia’s war against Ukraine have caused significant economic disruptions, including shortages and rising prices for energy, fertilizer, and grains. But poorly timed policies and a lack of coordination among major countries have exacerbated these problems, pushing the global economy to the precipice.
The current economic crisis is something the IMF was designed to deal with—namely, to promote policy coordination among major countries to ensure the stability of the international monetary system. That’s why its ruling body, the International Monetary and Financial Committee…
