TF-5: Purpose & Performance: Reassessing the Global Financial Order

This task force will deliberate on how the global financial architecture can be made fit for purpose for the 21st century. The global financial architecture—dominated by International Financial Institutions (IFIs) such as IMF, World Bank, BIS, etc.—needs to undergo radical reforms that reflect modern realities. Greater access to development finance, such as climate finance, infrastructure finance, and social sector investments is more important than ever. The widening financing gap for the SDGs and climate adaptation requires proactive actions at the multilateral level, including the G20. Besides showcasing best practices on options for domestic resource mobilisation, innovations in funding sources— including local currency bond markets and instruments by multilateral, regional and national development banks—may be leveraged. There is a gap in expectations between Central Banks, Multilateral Development Banks, and the IMF. There is a need for a coordinated and collaborative approach amongst the Bretton Woods institutions, and a push for fundamental changes in their mandates and ways of working. Can the G20 move beyond its post-financial crisis management approach to address the crises of today, as well as identify and remove the institutional and regulatory barriers to enhance access to finance by developing countries? What are regulatory and policy changes that can encourage investments from the multilateral institutions and the developed world into emerging and developing countries?

 Workstreams:

CHAIRS:

Ashima Goyal
Indira Gandhi Institute of Development Research (IGIDR), Mumbai

Deepak Mishra
Indian Council for Research on International Economic Relations (ICRIER), New Delhi

Co-CHAIRS:

Amar Bhattacharya
Brookings Institution, USA

Bambang P.S Brodjonegoro
Universitas Indonesia, Indonesia

Former Minister of Research and Technology/National Research and Innovation Agency of the Republic of Indonesia.

Daniel Cohen
Paris School of Economics, France

Hans Peter Lankes
London School of Economics, UK

Matthias Catón
Frankfurt School of Finance & Management, Germany

Naoyuki Yoshino
Keio University, Japan; Former Asian Development Bank Institute

Priyadarshi Dash
Research and Information System for Developing Countries, India

Sarah Colenbrander
ODI, UK

Shikha Bhasin
Council on Energy, Environment and Water, India

Vidya Shah
EdelGive Foundation, India

Task Force Statement

Policy Briefs