Trade tensions may reflect international system design flaws
System is "not working" and faces "grave challenges", say top former policy-makers
The framework supporting globalisation for the past half-a-century is transitioning with current trade and geopolitical tensions possibly reflecting that no new consensus has emerged for an updated multilateral framework. This creates the potential for breakdowns and reversals in the shift towards a more integrated world, according to a former Chinese and a European policy-maker.
“The political and economic model is facing grave challenges,” Zhou Xiaochuan, governor of the People’s Bank of
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