Dollar risks rising but Plaza Accord-style coordination not feasible now: ex-IMF adviser
The News
Barry Eichengreen, a former senior policy adviser at the IMF, argues that Plaza Accord-style exchange-rate coordination is currently not feasible because central banks are prioritizing domestic objectives. He notes growing concerns over the dollar-centered monetary system, which complicates the transition to a multipolar international monetary system. The persistence of erratic US policies and weakening institutional guardrails further exacerbates these challenges.
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The Analysis
Intelligence Brief
Analyzed · High confidence (84%)
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Growing concerns over the dollar-centred monetary system.
Barry Eichengreen is a former senior policy adviser at the International Monetary Fund.
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Key findings
Plaza Accord-style exchange-rate coordination is now out of reach due to central banks prioritizing domestic objectives.
Opinion- Growing concerns over the dollar-centred monetary system.
- Transition to a more multipolar international monetary system is complicated.
Trust Breakdown
Plain English
Loaded language removedWith central banks prioritising domestic objectives, Plaza Accord-style exchange-rate coordination is now out of reach despite growing concerns over the dollar-centred monetary system, complicating the smooth transition to a more multipolar international monetary system, according to a prominent economic historian.
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Claims
Plaza Accord-style exchange-rate coordination is now out of reach due to central banks prioritizing domestic objectives.
OpinionThere are growing concerns over the dollar-centred monetary system.
OpinionThe transition to a more multipolar international monetary system is complicated.
OpinionErratic US policies and weakening institutional guard rails are persisting.
OpinionBarry Eichengreen is a former senior policy adviser at the International Monetary Fund.
South China Morning Post