MNI BRIEF: Internat'l Finance Bodies Still Needed - BOE Bailey
MNI (LONDON) - Bank of England Governor Andrew Bailey said Friday that with destructive nationalism returning and a growing hostility to global bodies, international institutions like the IMF and World Bank had to be supported and improved.
In a speech at King's College, Cambridge, just days ahead of U.S. President Donald Trump's inauguration, Bailey said that many of the challenges. including financial stabiltiy, cannot be fixed within national borders but the environment for international solutions was tougher. "We may end up with shallow multilateralism, and that may or may not be a helpful outcome," he said.
He called for the IMF to go further in its work on such issues as financial fragilities and to try and become and institution that pre-empts crisis rather than being seen as one that mops up after them.
Bailey made no reference to current monetary policy. (see MNI POLICY: BOE Braces For Trump Impact Without Scenarios )