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An issue currently being debated among economists and trade experts is whether the post–Bretton Woods rules-based international trading system has run its useful life and needs to be replaced with something else. This has been a theme in both the Biden and Trump administrations, though their narratives are different.
As G7 leaders prepare to meet in Canada, this year’s summit reflects a growing recognition that economic security and financial system resilience are deeply interconnected. The G7 Finance Ministers and Central Bank Governors’ Communiqué issued in Banff signals a shift toward a more comprehensive approach to risk.
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