Politicians and bankers from nearly 190 countries will gather again this weekend for the spring meeting of the International Monetary Fund and World Bank. Since the end of World War II, they have met twice a year to discuss the world economy and global financial system.
Traditionally, representatives of the most important industrial nations set the tone, and the United States has veto power in both institutions. So the IMF and World Bank perfectly reflect the dress codes of the post-war era: Without America, nothing functions in global economic and financial regulation.
Or is that about to change?