Bank of England Governor Andrew Bailey’s speech at Mansion House, 15 July 2025.
Full text is here: The future of the multilateral economic system, and some news on the UK payments infrastructure - speech by Andrew Bailey
Given at the Financial and Professional Services Dinner, Mansion HouseBank of England Governor Andrew Bailey delivered a speech defending the importance of multilateral institutions like the International Monetary Fund (IMF) in resolving global economic challenges. He emphasized that efforts to address imbalances—such as large U.S. deficits and China’s surpluses—must be handled cooperatively at the international level rather than through fragmented national policies. Bailey said good policymaking depends on multilateral coordination.
Support for the IMF: Bailey pushed back against U.S. criticism of the IMF overstepping its remit, saying the Fund is crucial for addressing global imbalances and should help convene international talks, particularly with the U.S.
China’s Role: He urged China to boost domestic demand to reduce trade surpluses and avoid future trade tensions and instability.
Digital Currency: On digital innovation, Bailey expressed support for improving digital payment infrastructure but remained skeptical about launching a retail central bank digital currency. He also said stablecoins cannot replace traditional bank money.
In short, Bailey made a strong case for global cooperation to tackle financial imbalances, highlighted risks to market stability, and called for caution on central bank digital currencies.
This article was written by Eamonn Sheridan at www.forexlive.com.Hence then, the article about bailey urges global cooperation to ease financial risks remains cautious on digital pound was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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