Global finance leaders expressed cautious relief at the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington this week, as US President Donald Trump appeared to soften his stance toward international economic institutions.

The meetings were dominated by concerns over global trade, particularly US-China relations. However, broader anxieties loomed over the future of the US dollar’s role as the world’s haven and the stability of the IMF and World Bank, institutions established after World War II.

Officials welcomed signs that Trump was retreating from his earlier threats against Federal Reserve Chair Jerome Powell and shifting towards reform rather than withdrawal from the IMF and World Bank. US Treasury Secretary Scott Bessent’s call to reshape, rather than abandon, the two lenders offered a measure of reassurance.

“This week was one of cautious relief,” said Robert Holzmann, governor of Austria’s central bank, though he warned the reprieve may be temporary.

Despite the immediate concerns easing, policymakers acknowledged a lingering vulnerability: the lack of a viable alternative to the dollar-centred financial system. The euro, while gaining favour, remains constrained by internal weaknesses and geopolitical risks. Japan and China’s currencies are not positioned to assume a global leadership role.

A US retreat could imperil the very existence of the IMF and World Bank, officials warned, underscoring America’s centrality to the international economic architecture.

“We’re happy they remain,” Polish Finance Minister Andrzej Domanski said, while acknowledging that major structural challenges still lie ahead.