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Second , the US share of the world economy is also declining over time . Third , technological innovations — especially the development of real-time digital settlements using central bank digital currencies ( CBDCs )— will mean that the global banking system will decline in importance for settlements , while the world ’ s central banks will rise in importance . That change will diminish the role of the dollar , which is based in part on the role of dollar-based commercial banking .
In the realm of technology , do you believe emerging power centres could pose a significant challenge to US dominance ? The world ’ s three main centres of technological innovation are clearly the US , EU , and northeast Asia ( China , Japan , Korea ). I believe that China , Japan and Korea will become more closely integrated economically and politically over time , and that northeast Asia will become the world ’ s largest integrated region for both innovation and manufacturing of cutting-edge green and digital technologies .
I believe sustainable development is achievable — but it will require new forms of politics and geopolitics , and a reformed global financial architecture
The global influence of BRICS and other emerging nations is growing . Could this shift lead to positive changes in international governance ? Or is there a risk of increased international fragmentation and destabilisation ? Starting around 1500 , the West began a long-term rise in power and technological leadership , leading eventually to the dominance of the West over Asia by the mid-1800s . That dominance is now ending , and this is a beneficial change . It means greater fairness and equality of wealth , prosperity and power . It should lead to the end of poverty .
Yet we need to ensure that this favourable trend leads not to a defensive war by the West to maintain its hegemony , but rather to a peaceful transition to a multipolar world under the UN Charter .
Emerging countries and cities have much to learn from each other , and accomplish together . Are the current in- ternational cooperation mechanisms fully adequate for this purpose ? The UN system should play a major role in creating and supporting new mechanisms for international cooperation . To serve its purposes effectively , the UN needs far greater financial firepower ( a larger budget and the capacity to mobilise global savings ). Next year ’ s Financing for Development Summit ( Madrid , June 30-July 3 ) is an important occasion to strengthen the financing of the UN system in support of global sustainable development .
You recently highlighted that « vigorous global cooperation is the only way to achieve the Sustainable Development Goals .» How do you envision this cooperation being effectively achieved ? The world has adopted many crucial goals , including the Sustainable Development Goals , the Paris Climate Agreement , The Kunming-Montreal Biodiversity Framework , Nuclear Non-Proliferation and Disarmament , and others . Yet we are not achieving these goals . We urgently need practical solutions — to achieve the goals that are crucial for the world ’ s future wellbeing , indeed crucial for the survival of humanity .
I believe sustainable development is achievable — but it will require new forms of politics and geopolitics , and a reformed global financial architecture . The main barrier to global cooperation is actually the current attitude of the US government . During the past three decades , the US tried to assert a USled , unipolar world rather than a UN-led , multipolar world . This US quest for unipolarity has failed , and has dramatically raised tensions between the US and China , Russia , Iran , and other powers . These tensions need to be overcome , mainly by the US finally accepting a truly multipolar world that engages in cooperative problem-solving at all scales — from local communities to cities , provinces , nations , multi-country regions , and globally according to the UN Charter .
How should the media contribute to reshaping global information flows with a forward-looking approach ? Leading media initiatives , such as World Economic Journal , can maximise impact by highlighting practical and workable solutions for the great challenges of our time : ending extreme poverty , quality education for all , quality healthcare for all , peaceful cooperation among the major powers , nuclear disarmament , peaceful resolution of crises , environmental sustainability , and others .
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WEJ | September 2024