In a new OMFIF commentary, BWC Member Udaibir Das, analyzes the International Monetary Fund’s flagship reports for April. He argues that policy areas can no longer be viewed in isolation. Fiscal space, financial space, and institutional credibility are now interdependent constraints, and the “sovereignty premium,” the price at which these constraints balance out, is on the rise.

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All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.