ODI: Bretton Woods at 80 – reforming global economic governance

Eighty years after the creation of the Bretton Woods institutions, the international economic system they underpin is under growing strain.

Geopolitical fragmentation, recurring financial and debt crises, climate shocks and rising funding needs from client countries are challenging the relevance and the effectiveness of these institutions and their global economic governance functions – and whom they ultimately serve.

This event examines the future of the International Monetary Fund and the World Bank, their relevance, legitimacy, and governance in a rapidly changing global context. It builds on the vision and recommendations of the Bretton Woods at 80 report and its core arguments, co-authored by Patrick Achi, Sri Mulyani Indrawati, and Mark Malloch-Brown.

You can access the report here: https://www.bwi80.org/

The panel explores two closely linked themes:

Is the Bretton Woods system still fit for purpose?

How relevant are the World Bank and the IMF to today’s client countries as they face overlapping development, fiscal and climate pressures? How do these institutions fit within an increasingly complex development finance landscape that includes regional and national development banks, bilateral lenders and private capital?

Governance and voice at 80

What reforms are needed to strengthen representation, voice, accountability and legitimacy within the Bretton Woods institutions, particularly for countries in the Global South? What political and institutional constraints limit the scope for change?