UNU-CPR contributed to global discussions on reforming the international financial architecture at the Helsinki Symposium on Reforming the International Financial Architecture, hosted by UNU-WIDER. The event brought together leading scholars, policymakers and practitioners to address persistent challenges in sovereign debt governance and propose innovative, feasible pathways for reform.
UNU-CPR Director Dr. David Passarelli opened a high-level roundtable on sovereign debt, tracing historical and current calls for a formal international debt resolution mechanism. He provided a comparative overview of institutional models that have shaped proposals for such a mechanism and outlined new research directions that could support the design of a Global Sovereign Debt Authority, as proposed in the draft outcome document for the Fourth International Conference on Financing for Development.
UNU-CPR Senior Fellow Dr. Daniel Cash also participated in the roundtable, offering insights into the growing power of private creditors and credit rating agencies in shaping debt outcomes for developing countries. Drawing from his UNU-CPR Working Paper, Dr. Cash emphasized the outsized role these actors play in influencing both access to capital and the terms of engagement for debt-ridden nations, often complicating reform efforts.
Their contributions build on ongoing research efforts at UNU-CPR. Dr. Passarelli referenced recent collaborative work with Senior Researcher Dr. Michael Franczak and a critical review of Global South reform proposals, co-authored with Professor Patricia Justino, Deputy Director of UNU-WIDER. These analyses illuminate both the historical context and emerging opportunities for debt governance reform.
