A consensus is emerging that the current global financial architecture (GFA) is failing and requires reforms. Primarily targeted at the Bretton Woods institutions (specifically the World Bank and IMF), this call for reforms extends to other new MDBs and DFIs fashioned after the Bretton Woods institutions. These institutions have failed notably during crises like the recent COVID-19 pandemic, failing to provide safety nets, particularly to lower-income countries whose leaders now strongly think the system needs an overhaul. The prevailing perception paints the system as outdated, dysfunctional, and unjust. Notably, once sidelined during their inception, principles such as inclusivity, justice, and equality are now imperatives. The goal is to create a more adaptable, resilient, and responsive GFA system, catering equitably to advanced and developing economies.
Authors
- Published in
- Denmark
