NEW RELEASE: Strengthening the Bretton Woods Institutions to Meet 21st-Century Global Challenges
Published: April 15, 2024
BWC's latest publication calls for the IMF and WB to be significantly strengthened and empowered to meet the challenge of the 'global commons’—issues that transcend national borders—with a particular focus on climate change.
The report points to several 'gaps’ in both the public and private sector –-in governance, implementation and accountability – that must be tackled if climate progress is to be made at the speed and scale required. The World Bank and the IMF—given their global membership, shareholding model, and weighted voting structures—are best placed to fill the global governance gap. However, for them to take the global leadership in coordinating and implementing the necessary climate change solutions, the report proposes that their roles should be augmented, and not supplanted, to help fill these gaps.
This is the first report from BWC’s Multilateral Reform Working Group, led by Joaquim Levy and Axel Weber.