Next Steps in International Financial Architecture Reform

September 23, 2024 | New York City

Reform of the international financial architecture is one of the most prominent items on the agenda of the Summit of the Future, and many agree with the UN Secretary-General´s view that the current architecture is “outdated, dysfunctional and unfair”. Modernizing the architecture – making it fit for the challenges that the international community is facing now and in the future – is emerging as one of the key tasks and challenges for the international community.

The Pact of the Future touches on many relevant dimensions of this agenda, but it has resulted in only vague normative agreements. Moving the agenda forward now depends on other, more specialized, fora of international policymaking. At the United Nations, the next UNFCCC Climate Summit is at the doorstep, this year´s agenda is all about climate finance and an adequate financial architecture. The Annual Meetings of the IMF and the World Bank are expected to continue the reform of the World Bank and deliver on member state aspirations for the reform of the IMF. The Brazilian G20 presidency has put strong emphasis on this complex of issues, and South Africa is expected to continue during its term in 2025. Last but not least, for the first time in a decade, the UN is convening an International Conference on Financing for Development in Sevilla in June 2025, with the aim of agreeing on a new global deal on development finance and the institutions that govern it.

How can we use these forums to make progress on the IFA reform agenda? How can we ensure effective follow-up to the Summit of the Future and operationalize the Pact of the Future in relevant areas? This expert workshop hosted by FES New York and Global Policy Forum Europe at the margins of the Summit of the Future brought together experts and policymakers for a strategic discussion on the next steps in reforming the international financial architecture.

Welcome:

• Michael Bröning, Executive Director, FES New York

Moderator:

• Sara Burke, Senior Policy Analyst, FES New York

Expert Inputs:

• Bodo Ellmers, Program Director Financing for Development, Global Policy Forum Europe
• María Ron Balsera, Executive Director, Center for Economic and Social Rights
• Avantika Goswami, Programme Manager Climate Change, Center for Science and Environment
• Oliver Pahnecke, PhD Candidate, Middlesex University, UK
• Paolo Guerrieri, Visiting Professor, Paris School of International Affairs, Sciences Po

Respondents:

• Portugal (FfD4 co-chair)