World needs new rules for global trade, says PM Lee | The Straits Times

SINGAPORE – The International Monetary Fund (IMF) and the World Bank were set up at a time when the United States was dominant, and allowing the status quo to remain when the balance of the world economy has changed could result in questions about their legitimacy, said Prime Minister Lee Hsien Loong. The two institutions were founded at the Bretton Woods Conference in 1944, where countries came together to establish a framework for economic cooperation and development after World War II. Under the longstanding gentleman’s agreement established then, the IMF managing director would be a European, and the World Bank…