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US should not surrender global economic leadership: Lew

With some US presidential candidates advocating a pullback from the post-World War II Bretton Woods structure, US Treasury Secretary Jacob Lew said the next administration needs to remain committed to those principlesUS Treasury Secretary Jacob Lew called Monday for the US to maintain its global economic leadership and not cede it to others like China in a tide of protectionist sentiment. With some US presidential candidates advocating a pullback from the post-World War II Bretton Woods structure that rebuilt the global economic structure guided by the World Bank and International Monetary Fund, Lew said the next administration needs to remain committed to those principles. “If we want it to work for the American people, we need to embrace new players on the global economic stage and make sure they meet the standards of the system we created,” he said in a speech at the Council on Foreign Relations.

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