Much has been written about the Global Financial Crisis of 2007-08.  Pundits and partisans have assigned blame for its causes, evaluated policy responses, and debated what measures, if any, are necessary to prevent “it” from happening again. Less attention has been paid, however, to the fact that the crisis punctuated a turning point in the international order, marking distinct eras that came before and after.  And what has come after is an environment characterized by changes to the international balance of power (including the relative erosion of U.S. power and influence), and by the emergence of new and varied thinking about how to best organize the international monetary and financial system.  New institutions and varieties of policy experimentation will likely become more common, pointing towards a new era that suggests a bumpy ride ahead for international monetary and financial cooperation, and greater jockeying for power and influence by states in the system.

Seminar IBEI Kirshner