Toward reimagined global financial architecture: Progress and challenges

As nations around the world grapple with enormous, diverse, and interlocking global challenges, the multilateral system is struggling to rise to the occasion. The disastrous effects of climate change pose an existential threat and are damaging economic and social systems. Geopolitical conflicts and tensions are worsening, leading to devastating humanitarian crises. Highly integrated financial markets are also increasingly vulnerable to cross-border threats, and social inequalities are eroding basic human rights as well as inhibiting social and economic progress. The collective challenges of our modern, interconnected world are straining the multilateral system and pushing for its reform. 

On April 19, the Global Economy and Development program at the Brookings Institution hosted a high-level public event on the sidelines of the 2024 Spring Meetings of the International Monetary Fund and World Bank Group. The event unveiled the report “Reforms for a 21st century global financial architecture,” motivated by the United Nations “Our Common Agenda” and the recommendations set forth in the accompanying policy brief on reforming the international financial architecture. As nations prepare for the 2024 Summit of the Future, the report provides actionable recommendations for medium and long-term reforms to enhance the global financial architecture and strengthen the multilateral system. 

The event started with opening remarks from Cecilia Rouse, president of the Brookings Institution. Following her remarks, U.N. Deputy Secretary General Amina Mohammed delivered a keynote and join Brahima S. Coulibaly, vice president of Global Economy and Development at Brookings, on stage for a fireside chat. The event also included a moderated high-level panel discussion with experts and policymakers on reforming the global financial system. 

Viewers asked questions in person and virtually through @BrookingsGlobal using #GlobalFinancialReform or by emailing [email protected]. 

Registration is required to attend this event in person. Guests at Brookings are required to attest to their state of health before attending. Visitors may not enter the building if they are feeling ill for any reason, have any symptoms commonly associated with COVID-19, have recently tested positive for COVID-19 and do not yet meet the criteria to resume normal activities based on current CDC guidance, or have been advised by their healthcare professional or otherwise to not enter any space where some persons may not be vaccinated.