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Illustration: Sarah Grillo/Axios

We're getting used to seeing a lot of social breakdown within countries. Chile is only the latest in a long list that includes Hong Kong, Ecuador, Spain, and many countries in the Middle East.

Be smart: What's been less remarked on is that we're seeing social breakdown between countries as well. (Brexit, of course, probably finds itself in both camps.)

The IMF, celebrating its 75th birthday, held its 150th semi-annual meeting this week.

  • It had one main job: Finalize the Fund’s 15th quota review.
  • How it works: Each of the 189 member countries pays a certain amount of money as its quota, and that money is then lent to members in need. The higher your quota, the more you can borrow — and the more voting power you have at the board level.
  • The IMF's board and management were very clear on the importance of increasing quotas by this week's deadline. The review would strengthen the Fund financially, and would also help it better reflect the reality of economic power in the 21st century, with China and India in particular getting a larger say.

Yes, but: The review failed. The 15th quota review is dead. Now the process starts all over again, with hopes that the 16th quinquennial review will do better. The main reason for the failure was "stiff resistance from the United States," per Reuters.

Meanwhile, the EU summit in Brussels this week was also a failure.

  • It had one main job: To decide whether or not to admit North Macedonia and Albania into the union. It failed. Both countries remain in limbo, with no indication of when their fate might be decided.
  • EU leaders also failed to set a long-term budget.

The bottom line: The era of international consensus and cooperation seems to be over.

  • Even last year's much-vaunted capital increase for the World Bank happened only because the Bank persuaded the Americans that it was the last-ever such increase, and that it would never again ask them for more money.
  • No multinational institution is strengthening, and most are weakening. That's going to continue for the foreseeable future.

Go deeper: Capital markets feel the global protest wave

Go deeper

5 hours ago - World

Over 170 Palestinians injured in clashes with Israeli police in Jerusalem

An injured man is carried away as Israeli security forces clash with Palestinian protesters at the al-Aqsa mosque compound in Jerusalem. Photo: Ahmad Gharabli/AFP via Getty Images

At least 178 Palestinians have been injured in clashes with Israeli police in Jerusalem, Reuters reported late Friday.

The big picture: The clashes come amid growing anger over the threatened eviction of Palestinians from their homes on land claimed by Jewish settlers in East Jerusalem. Tensions have also escalated in the occupied West Bank in recent weeks.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Coronavirus cases hit a seven-month low — Majority back vaccine proof requirements for travel, schools and work — The race to avoid a possible "monster" COVID variant.
  2. Politics: Oklahoma secures $2.6 million refund for hydroxychloroquine purchase — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Pfizer begins application for full FDA approval of COVID-19 vaccine — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations — Americans' return to the skies could benefit smaller airlines.
  5. World: WHO authorizes China's Sinopharm COVID-19 vaccine for emergency use — Mixed response in Europe to Biden's vaccine patents bombshell.
  6. Variant tracker: Where different strains are spreading.

Ohio GOP censures Rep. Anthony Gonzalez over Trump impeachment vote

Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

The Ohio Republican Party on Friday censured Rep. Anthony Gonzalez (R-Ohio) and called for him to resign for voting to impeach former President Trump in January, Reuters reports.

The big picture: Gonzalez is the latest Republican lawmaker to be punished for voting to impeach the former president on a charge of inciting the deadly Jan. 6 insurrection.