Ali Babacan, Former Deputy Prime Minister of Türkiye

Reforming the Bretton Woods system requires taking into account the realities of geopolitics as well as the social development and technological progress of various countries. It requires cooperation and coordination; no single country can go it alone. To enhance the effectiveness of international decision-making bodies like the IMF, developing countries need to have a greater voice.

The Bretton Woods system was established after World War II, and now we feel that it is becoming increasingly irrelevant because the share of emerging market countries in the global GDP is growing higher. Therefore, to enhance the effectiveness of international decision-making bodies like the IMF, we need to give developing countries a louder voice.

Looking ahead, reforming the Bretton Woods system requires considering the realities of geopolitics and the social development and technological advancements of each country. But a very important point is that we need cooperation and coordination; no single country can go it alone.

The G20 is actually a very good platform for dialogue, and it is well-represented, including both developed and developing countries. For example, the African Union, the European Union, and others are represented, so the potential of the G20 is enormous. The IMF and the World Bank should participate in the G20 meetings every year. Concerns about stability, the European Union's monetary policy, can also be more comprehensively discussed on the G20 platform, and all these dialogue mechanisms are characteristic of the G20.

Regarding trust in currency, we believe stability is crucial. Currency must not be weaponized, as it would hurt people's confidence. If that happens, people will look for alternative currencies.