This year marks the 80th Anniversary of the Bretton Woods institutions and provides an apt time to take stock of the international financial architecture. Born in the aftermath of the Second World War, the Bretton Woods institutions have shepherded a period of historic global growth, financial stability, and poverty reduction. At the same time, they have consistently re-oriented themselves over the decades to tackle novel and emerging challenges when required.
As their leadership and member countries contemplate the next 80 years, the Bretton Woods institutions face a new set of challenges they must evolve to address. The urgency and cross-border nature of modern issues – such as climate change and emerging technology – against the backdrop of increasing fragmentation, higher-for-longer interest rates, and exacerbating large debt burdens mean that now, more than ever, the international financial system needs to deliver more than the sum of its parts.
This year’s conference will look at impediments facing the system and solutions to ensuring its resilience for the next 80 years. How can the IFIs take a system-wide approach to working in a more coordinated manner to address the challenges of tomorrow? What are the best-fit roles and remits for the Bank and Fund and how must they evolve to fill them? How can private sector financing be more fully mobilized and supplement the heavily constrained public sector resources to tackle the most pressing development issues? BWC will bring together policymakers, private sector leaders, and multilateral leadership to discuss how the institutions must continue to evolve to effectively lead the global architecture and shepherd the global economy to harness the next 80 years of global growth.