IMF Must Reflect the End of U.S.-Led Order, Sachs Writes in FT

The next head of the International Monetary Fund must be capable of helping to create a new global framework, for the existing U.S.-led order has had its day, Jeffrey Sachs, who heads the Earth Institute at Columbia University, wrote in the Financial Times.

For the past 20 years, the U.S. has been unable to provide monetary stability, financial regulation and fiscal rectitude; if the dollar remains the only key currency, the world will go on suffering the consequences of America’s troubles, as happened during the financial crisis, Sachs said.