Erik Berglöf explains why these multilateral institutions are thriving even as multilateralism itself falters.
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Economics
Aug 20, 2026
Erik Berglöf
Even as multilateralism faces an existential threat, multilateral development banks are not only surviving but thriving. Thanks to MDBs’ ability to borrow at costs close to that of the US Treasury, they have created a new class of de facto risk-free assets that could help underpin the global financial system.
Multilateral development banks (MDBs) remain highly relevant to their clients, and their relevance has increased over the past…
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