Calls for a “new Bretton Woods” revitalization of the international financial architecture have never amounted to much. What specific reforms are needed and would be worthy of such a characterization?
I provided some concrete answers to this question at a related conference in China on May 28, 2024 as summarized in this presentation.
It’s a good time to engage in such discussions. This year marks the 80th anniversary of the Bretton Woods conference creating the IMF and World Bank as well as its precursor multilateral accord, the International Labour Organization’s Declaration of Philadelphia, which will be celebrated at the International Labour Conference in Geneva next week.
In addition, negotiations on modest but important initial reforms are underway in the G20 under Brazil’s leadership and the UN’s Summit for the Future, which will take place in New York in September 2024.
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