In today's multilateral world, shocks from financial crises, conflicts, natural disasters and disease outbreaks spread rapidly. The COVID-19 pandemic brought profound changes to the global economy, challenging long-held assumptions about macroeconomic stability and the effectiveness of global economic coordination. While some economies recovered quickly, many emerging and developing nations struggled to navigate the economic upheaval caused by the pandemic. Decreasing investments in development, poverty alleviation and climate action have exacerbated concerns that the international financial architecture (IFA) is faltering, prompting urgent calls for reforms.
This week, the Summit of the Future in New York will gather world leaders and civil society to deliberate a more effective global governance system. UN Secretary-General António Guterres has referred to the Summit's outcome document, the Pact for the Future, as a "once-in-a-generation" transformation of global governance, including significant reforms to the key institutions of global economic governance.
Against this backdrop, UNU-CPR has released a timely research report critically examining the Global South’s demands for IFA reform. These proposals converge on a shared ambition: creating a more equitable and just IFA. The analysis reveals six specific objectives driving these reforms:
- Space: Enhancing representation;
- Speed: Increasing the speed and agility of international financial institutions;
- Scale: Ensuring the scale of financial support matches and addressing the most pressing needs;
- Sustainability: Securing sustainable and affordable financing;
- Solidarity: Fostering global solidarity; and
- Self-reliance: Promoting economic self-reliance.
Drawing on official statements from government officials across various platforms—forums, media, and consultations—the research underpins UNU-CPR's Building Momentum initiative.
Access "The demand for a fair international financial architecture" here.
Suggested citation: Passarelli David, Patricia Justino. The demand for a fair international financial architecture : UNU-CPR, 2024.
