THE REFORM OF THE GLOBAL FINANCIAL ARCHITECTURE: - Toward a System that Delivers for the South

THE REFORM OF THE GLOBAL FINANCIAL ARCHITECTURE: TOWARD A SYSTEM THAT DELIVERS FOR THE SOUTH THE REFORM OF THE GLOBAL FINANCIAL ARCHITECTURE: Toward a System that Delivers for the South By Otaviano Canuto, Hafez Ghanem, Youssef El Jai, and Stéphane Le Bouder I ATLANTIC COUNCIL THE REFORM OF THE GLOBAL FINANCIAL ARCHITECTURE: TOWARD A SYSTEM THAT DELIVERS FOR THE SOUTH The mission of the Atlantic C. [...] The world was absorbing the shocks from and the World Bank, both of which were often quick to use the Russian invasion of Ukraine, high rates of inflation across the tool of structural adjustment, had to fight against a dam- the globe, and food insecurity facing millions of people, and aged reputation in African countries. [...] In ity of shares plus a majority of members) in IFI decision-making the United States, the trend is to separate the two roles.19 The would enhance the voice of the New South. [...] The Council of reserved for Europeans and Americans, respectively, the roles of the European Union applies a double-majority (qualified-major- chair of the board could be taken by representatives of the New ity) rule for some of its decisions.18 For a decision to pass under South, with one of the two chairs reserved for Africa. [...] In the meantime, action and $1.2 trillion is for the other Sustainable Development 27 “Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System,” United Nations, September 21, 2009, ; Jeffrey D.