Janet Yellen, the US Treasury secretary, did something important and, for the most part, underreported last week. She relinked trade to values.
In an address at the Atlantic Council in Washington, the secretary called for a new Bretton Woods framework and a revamp of the IMF and World Bank institutions, both of which are holding their annual meetings this week.
She also made clear that Vladimir Putin’s war in Ukraine and China’s failure to join the US and more than 30 other nations in sanctions on Russia was a pivot point for the global economy.
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