Singapore’s central bank chief wants “digital Bretton Woods”

Singapore’s central bank chief wants “digital Bretton Woods”

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Singapore’s central bank chief wants “digital Bretton Woods”

Ravi Menon, head of Singapore’s central bank, could host a summit meeting to provide advice on how to deal with today’s challenges.
Image: Reuters

How do you put the digital corporations on the chain? Singapore’s central bank head rushes forward: He wants a world agreement like 1944 on the financial architecture – and believes in the coming apocalypse or a rebirth.

Dhe central bank chief of the Singapore financial center calls for a “Bretton Woods” in which the world powers should agree on a set of rules for the digital corporations. There is much to suggest that the agile city-state could host a summit meeting of Americans, Chinese, Europeans and Japanese. Its central bank chief Ravi Menon explained in a keynote speech the “apocalyptic riders” of modern times: aging, growing inequality, technology and climate change.

Christoph Hein

Business correspondent for South Asia / Pacific based in Singapore.

“Together they will usher in the greatest economic and social change that the world has seen since the industrial revolution,” Menon said in Singapore. “Whether they lead to an apocalypse or trigger a rebirth depends on how the global community and individual nations react to them.” Technology is the “fastest galloping rider”. Menon is interested in artificial intelligence (AI), robotics, the Internet of Things and block chain technology, with AI arguably being the most influential new technology.

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