Building new foundations: Reimagining the International Financial Architecture

Cover full report
Cover full report

Views and proposals from civil society

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 In the words of UN Secretary-General António Guterres, it is "outdated, dysfunctional and unjust".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 agenda, at major events such as the UN Summit of the Future and the Fourth International Conference on Financing for Development. Parallel discussions are taking place in other fora, such as the G20 or the governance bodies of the World Bank and the International Monetary Fund. To inform these processes, independent researchers from academia and civil society have written this new research report. In eight chapters, the authors rethink the financial architecture and make proposals for new foundations, for fundamental reforms towards more legitimate and more effective institutions.   

 

 

 

 

 

 

Table of contents

Overview: Reforms to the international financial architecture – a work in progress

Full report: Out now!

 

Watch the video of the report launch at the Social Forum of the UN Human Rights Council in Geneva on 31 October 2024.

 

Rethinking Debt Restructuring
Rethinking Debt Restructuring

Chapter 1 - Rethinking debt restructuring: A rights-aligned approach

By Maria Ron Balsera, Maria Emilia Mamberti and Matthew Forgette

SDRs
SDRs
Affordable finance
Affordable finance
Climate Finance
Climate Finance
Reforming IFA
Reforming IFA

Chapter 8 - Reforming the International Financial Architecture: Addressing the IMF’s social legitimacy crisis

By Ohiocheoya (Ohio) Omiunu and Chioneso Samantha Kanoyangwa

Images: Adobe Stock (Rike Sklorz/Kalinski Media)

 

 

 

With contributions from:

With the support of Brot für die Welt and Friedrich-Ebert-Stiftung