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Essay: The importance of the U.S leadership in the IMF and the WB

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  • Subject area(s): International Relations
  • Reading time: 4 minutes
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  • Published: December 22, 2019*
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  • The importance of the U.S leadership in the IMF and the WB
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U.S Treasury Secretary “Jacob J. Lew” is discussing the case of U.S leadership not only in the International Monetary Funds but in the World Bank and the World Trade Organization. Christine Lagarde the IMF’s Director at the G-20 Summit in Turkey stated that she was talking to President barrack Obama about Voting Shares to maintain the U.S Voting Voice. The issue was not from the U.S president but was in the Legislations that was being held at the Congress. The legislations were to secure U.S leadership in the decision making of the IMF in order to secure the wellbeing of the American’s and to have more successful foreign policies. In seven decades the IMF together with the United States were able to achieve Quadrupled Real Income/Capita as well as raising the Standards of living for more than billion people not only in the United States but in North America as whole, Eastern Asia and Western Europe.

The main goal of the G-20 Summit as well as G-7 Summit lead by the US decision making was to achieve global Economic Development and to prevent Financial Crimes and the funding of terrorist groups. Without the U.S leadership and the IMF support, International Economic Co-operation would have been impossible specially during the Cold war. In 2007-2008 Economic Crisis without the IMF and US leadership in Economics the world would have suffered not only from depression but also a recession like in 1930’s. The G-20 Summit have made agreement with most stake-holders from japan and China to the Eurozone in order to co-operate and create beneficial Macroeconomic policies.

The IMF had a great role in crisis relieving such as reforming Ukraine’s government with 17B $ and Ebola Epidemic is western Africa. Without the contribution of the United States together with the International Monetary Fund’s crisis support wouldn’t have been the same. the US leadership in the IMF has supported its ability to apply economic and financial sanctions in an unprecedented coalition to place pressure on countries such as Iran and North Korea in order to let them stop their nuclear violence, this strategy is according to the concept of reciprocity in the International Relations. Also the US as a strong economic power, with Quarter the world GDP (17$ Trillion) has the ownership of the global reserve assets. Jacob J. Lew is expressing why since he has been the U.S treasury secretary has been holding debates with both democratic and republicans to legislate congressional reforms so as to maintain global sustainability and leadership. The G-20 Summit was addressing global weak demand and each country’s role in re-establishing there Monetary, Fiscal and Structural policies to assure global financial stability. The importance of the congressional reforms is to assure the leadership because the U.S dollar acts as the world’s reserve currency.

The United States started with its domestic Agenda by reforming the US federal reserve monetary policies and on the other side the president together with the congress were reforming their fiscal policies by adjusting the government expenditure and applying payroll tax cuts which led to growth of the U.S Private Sector and the regeneration of 14 Million jobs in 72 months. Signing international trade agreements has helped the federal reserve to fight the unfair currency practices. The global Agenda of the U.S was to improve the governance and modernize the IMF’s system in order to be able to evolve in the challenges and be able to have a voice in the global aggregate Demand and global exchange rates. The U.S is not only working in the context of the IMF but also the World Bank and the International Trade Organization to support inclusive sustainable growth. This growth is enforced by making Sufficient resources available together with effective policies and efficient Governance. According to the UN the Sustainable growth is to have Food security, development in the infrastructure, Education and healthcare. Also, the Sustainability must include the Ability to deal with depression, recession and natural disasters. Innovation is a key role in the modernization of the global trading systems. The most important trade partners whom affect the world’s economy are China and the U.S because they acquire half of the global GDP. This past year the reauthorization of Import-Export banks has played an important role in controlling the oil prices and limiting terrorism.

The Thesis behind this article is that the author is stating the importance of the U.S leadership in the IMF and the WB. As well as its importance in the decision making. The U.S plays an important role in the crisis and states development through making policies that is mutually advantages to all actors.

The Sources that has helped the author is that the author himself is the secretary of the federal reserve. Also, the information is supported by the US foreign affairs department, Congress and by Barack Obama Administration.

The sources have helped the author is proofing how important is the U.S in the IMF and the WB, also how it can influence the decision making to be better as well as the precision of the decisions so as to be effective.

The Organization of the paper is effective because it started by a conversation between Barack Obama and Christine Lagarde at the G-20 Summit and how it was important that the U.S must keep the Voting Power then the Author started explaining why is it so important to keep the leadership in the World Economic situation.

The sources were adequate is it was from credible sources and also the author himself being the U.S Secretary of treasury has supported the thesis and have clarified many outcomes of the article.

The author hasn’t added any graphs or charts to clarify more details, in addition it would have been of use to clarify more information in numbers as he discusses more into aggregate terms.

The conclusion is that U.S had an important role in the international economics since the cold-war by supporting crisis relieve decisions, influencing sanctions on those who built nuclear weapons so as to promote peace, supporting countries with financial crisis and helping in raising the global standards of living.

In my Opinion, the U.S.A is doing its best to keep its leadership in order to control the world economics. Also, keeping its Uni-polarity is its main goal specially after the intelligence agency reports of losing its Uni-polarity in the next 20-25 years. The world is now competing on the economy more than the military. The BRICS countries are focusing on the economy which started to give them international power and recognition. In addition, the U.S is not influencing crisis relief but actually the UAE is the real crisis relief body which acts immediately in crisis.

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