U.S. Treasury Secretary Jacob Lew on Monday called for reform of the international financial architecture to allow the United States to continue benefiting from the system.
In a speech delivered at the Council on Foreign Relations, a think tank, Lew said that the United States have reaped significant benefits from the international financial architecture put in place after World War II, and it has to take necessary steps to preserve and strengthen the country’s position and secure the benefits.
The United States should work with its partners to further modernize the International Monetary Fund and the global trading system, make the World Bank and the regional development banks more efficient and effective, and reform the international financial regulatory system, Lew said.
With regard to the relationship with China, Lew said the United States and China have a unique responsibility to work together to advance shared prosperity, maintain a constructive global economic order, and make progress on critical challenges like climate change. Endi