After the 2008 global financial crisis, the world seemed ready to undertake meaningful reform of the international monetary system. But the promised structural changes never happened. And the recent spring meetings of the International Monetary Fund and the World Bank indicated that the current bout of global economic upheaval will similarly fail to spur transformation. When the 2008 crisis rocked the global financial system, policymakers took radical action to stabilise it. Beyond government bailouts of distressed banks in the US, the epicentre of the crisis, liquidity was expanded substantially through large-scale quantitative easing and foreign-currency swaps by central banks. The obviou
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