Crisis in Global Economic Governance: Which way forward?

April 23, 8:00 AM - 12:00 PM | Washington DC

Eight decades ago, visionaries gathered at Bretton Woods to establish a new international economic framework amid post war devastation. Their creation of the IMF and World Bank aimed to foster stability and prevent the economic turbulence that had defined the interwar years. Today, we face challenges that, while distinct, carry unsettling parallels. We stand at a critical juncture where globalization yields to fragmentation and divergence. World leaders increasingly recognize we have entered a decisive decade for determining the future international order.

The Trump Administration has fundamentally reconfigured international security and trading frameworks, initiating reviews of U.S. participation in all multilateral organizations. Project 2025, the Heritage Foundation's blueprint for the administration, characterized the World Bank and IMF as institutions controlled by elites promoting policies contrary to American principles, advocating for U.S. withdrawal.  These institutions face growing scrutiny as nations perceive them as delivering suboptimal outcomes, leading to unilateral approaches. Recent walkouts have undermined their credibility, while bilateral agreements and regional currency blocs reflect diminishing confidence in America's role as guarantor of global economic stability.

A way forward – The collaborating organizations are convening an open, moderated discussion to encourage innovative thinking that transcends conventional approaches to global economic governance. We aim to examine diverse scenarios and identify pragmatic pathways toward a more resilient, inclusive, and effective system that can address the complex challenges of our time. By bringing together experts from various disciplines and regions, we hope to generate fresh insights and actionable recommendations that could shape the future of international economic cooperation.

Coffee, Continental Breakfast 

Introductions and welcome remarks from co-organizers
• Marc Uzan, Reinventing Bretton Woods Committee
• Matthias Jobelius, Friedrich-Ebert-Stiftung
• Aude Darnal, Stimson Center
• Marieme Diop, AfriCatylist 

Keynote Lectures: Multilateralism in a populist age – Session moderated by Mattia Romani, Visiting Senior Fellow, Grantham Research Institute, London School of Economics

“Lessons from the Bretton Woods at 80 initiative”
Mark Malloch Brown, Former UN Deputy Secretary General, Administrator of UNDP, UK Minister of State, Vice President of the World Bank and Vice Chair of the World Economic Forum, provides an update on this initiative in light of recent geopolitical changes.

“A Way Forward”
Mariana Mazzucato, Professor in the Economics of Innovation and Public Purpose at University College London, award winning economist, thought leader and author of many books including 2021’s Mission Economy: a moonshot guide to changing capitalism, offers a vision for an innovation led future.

Coffee Break

What kind of crisis are we in? What are the primary factors driving the erosion of trust in multilateral economic institutions? To what extent are we witnessing a crisis of legitimacy versus a crisis of effectiveness? - Session moderated by Piroska Nagy Mohacsi, Visiting Professor London School of Economics.

Speakers
• Daoude Sembene, Managing Partner, AfriCatalyst
• Alexia Latortue, Distinguished Non-Resident Fellow, Center for Global Development
• Miles Kahler, Professor of International Service, American University; Senior Fellow for Global Governance, Council on Foreign Relations
• Armand Zorn, MP, Finance Committee, German Federal Parliament
• Nicola Giammarioli, Secretary General, European Stability Mechanism
• Gian Maria Milesi-Ferretti, Senior Fellow, Hutchins Center on Fiscal and Monetary Policy, the Brookings Institution

Coffee Break

Policy responses and implications for the global South: What governance models could provide more equitable representation of global South interests in international financial institutions? Would alternative financing mechanisms and regional arrangements complement or challenge existing structures? How should policymakers balance monetary sovereignty concerns with the benefits of international coordination? What monetary arrangements would best promote global financial stability and sustainable development in an increasingly multipolar world? What role can the global South play in shaping a more inclusive international economic order? - Session moderated by Jason Braganza, Executive Director, Afrodad.

Speakers
• Reza Baqir, Managing Director and Global Practice Leader, Alvarez and Marsal
• Adriana Erthal Abdenur, Vice President, Global Fund for a New Economy
• Paola Subacchi, Chair in Sovereign Debt and Finance, Sciences Po
• Danny Bradlow, University of Pretoria, South Africa
• Deepak Misra, CEO, Indian Council for Research on International Economic Relations 

Wrap up