The challenges of global commons, such as climate change, pandemics, and migration, surpass national borders and pose significant hurdles to the current multilateral system. Urgent collective action is essential, particularly regarding climate change. Yet, progress has been too slow.
On the 80th anniversary of the International Monetary Fund (IMF) and the World Bank, we should reflect on what these Bretton Woods institutions have achieved since World War II. In addition to supporting unprecedented levels of global growth and poverty reduction, they have helped address and overcome myriad economic and financial crises.
We now have a responsibility to evaluate their institutional mandates and ensure they’re prepared to address the pressing challenges of the 21st century.
