LONDON — Eighty years ago, delegates from 44 countries gathered in Bretton Woods, New Hampshire, to coordinate reconstruction in the aftermath of World War II and promote international economic cooperation.
The institutions for which they laid the groundwork — the International Monetary Fund and the World Bank — stand at the heart of the global monetary and financial order.In recent years, however, climate change and the coronavirus pandemic have laid bare just how out of step these institutions are with changing global economic realities and development priorities.
Climate change adaptation and mitigation will require huge amounts of investment, and there are limits to what commercial financial institutions can do. Therefore, public development banks and funds must play a much larger role in financing structural transformation and sustainable development. Multilateral development banks and development finance institutions should work closely with national and subnational peers to help them realize their potential.
And Economic Order Fit For The 21St Century
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