The international financial architecture is in urgent need of reform. In the words of UN Secretary-General António Guterres, it is "outdated, dysfunctional and unjust". The main institutions were created 80 years ago in a transatlantic agreement, at a time when many of the world's nation-states of today were still colonies. Moreover, the institutions have failed in their mission to prevent and mitigate crises and to mobilize sufficient financing for internationally agreed development goals.
The reform of the international financial architecture is currently a major topic on the United Nations [...]
Calls for reforms of the international financial architecture are becoming ever louder. Governments, UN institutions, expert groups and civil society organizations are criticizing the fact that the network of institutions and rules that currently determine global monetary and financial policy and control global financial flows are not up to the current crises. The international financial architecture is “outdated, dysfunctional and unfair”, according to UN Secretary-General António Guterres.
In view of these challenges, the UN Member States made the reform of the international financial [...]
From October 23 to 27, 2023, 76 states met at the United Nations (UN) Human Rights Council to negotiate an international human rights treaty to regulate companies and their value chains (also known as the “UN Treaty”). Since the UN Human Rights Council adopted Resolution 26/9 in 2014 and mandated an intergovernmental working group to draft such legally binding instrument, it has met nine times. After a slow start, the process has emerged surprisingly stronger from the ninth round of negotiations.
The adequate mobilization of climate finance remains one of the greatest challenges of our time. Under the United Nations (UN) climate agreements, rich countries have pledged to support the global South in the fight against climate change and the associated human rights violations through financial transfers. However, the repeated failure to meet the corresponding target of providing US$ 100 billion per year has led to diplomatic tensions and is one of the main reasons for the lack of success in the fight against climate change.
The debate on how additional funds can be mobilized – including [...]
