Arab Today, arab today us should not surrender global economic leadership
Last Updated : GMT 03:52:24
Arab Today, arab today
Arab Today, arab today

US Treasury Secretary Jacob Lew:

US should not surrender global economic leadership

Arab Today, arab today

Arab Today, arab today US should not surrender global economic leadership

With some US presidential candidates advocating a pullback from the post-World War II Bretton Woods structure
Washington - Arab Today

US Treasury Secretary Jacob Lew called Monday for the US to maintain its global economic leadership and not cede it to others like China in a tide of protectionist sentiment.

With some US presidential candidates advocating a pullback from the post-World War II Bretton Woods structure that rebuilt the global economic structure guided by the World Bank and International Monetary Fund, Lew said the next administration needs to remain committed to those principles.

"If we want it to work for the American people, we need to embrace new players on the global economic stage and make sure they meet the standards of the system we created," he said in a speech at the Council on Foreign Relations.

"The worst possible outcome would be to step away from our leadership role and let others fill in behind us."

Lew argued that the Bretton Woods system, with its focus on increasing cooperation on trade and financial regulation and on fighting poverty, had underpinned a quadrupling of world per capita income since 1950.

"American leadership was essential to the creation of that system and the progress it yielded," he said.

In recent years, the system made possible rapid response through the IMF and World Bank to the Ebola crisis in West Africa and the economic and political crisis in Ukraine.

It also helped make effective US sanctions on Iran, Russia and North Korea, Lew argued.

The administration of President Barack Obama, now in its final year, has faced persistent resistance in Congress to support for the IMF, cooperation with China, and to two Obama-driven international trade treaties, one spanning the Pacific and another cross-Atlantic deal with the European Union.

A number the current candidates to replace Obama, led by Republican hopeful Donald Trump, have campaigned on opposition to the trade deals and putting up more barriers to foreign competitors.

Lew argued that the global system does better when the United States is leading, and that institutions like the World Bank and IMF "amplify US influence on the global stage."

In addition, he added, the United States and China, the two largest economies, "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."
Source:AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us should not surrender global economic leadership Arab Today, arab today us should not surrender global economic leadership

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures

GMT 22:38 2017 Friday ,17 February

Investment promotion would be Sahar Nasr's main task

GMT 13:17 2017 Wednesday ,15 February

Yemeni accuses militias of challenging oil

GMT 09:12 2017 Saturday ,11 February

Algorithms: the managers of our digital lives

GMT 09:07 2017 Saturday ,11 February

The biggest players today on Wall Street? Algorithms

GMT 08:15 2017 Saturday ,11 February

Tesla chief in public feud with auto workers union

GMT 06:23 2017 Thursday ,09 February

Oil market can cope with higher shale output

GMT 14:10 2017 Friday ,03 February

Reasons of growth rate conflicting numbers
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday