​International Financial Architecture: Need for Comprehensive Reforms

The global financial system faces significant challenges, including inequality, climate change, and technological disruption. Addressing these issues requires comprehensive reforms to enhance representation, integrate climate goals, strengthen digital finance regulations, and promote financial inclusion.

What are the major issues rendering the international financial architecture ineffective?

  • Inequality and Financial Exclusion: The global financial system has often favoured developed nations, exacerbating inequality. For instance, according to the World Bank, about 1.7 billion adults worldwide remain unbanked, with the majority living in developing economies. The COVID-19 pandemic has further widened the gap, with wealthier nations recovering faster due to better access to financial ....
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