Rethinking Bretton Woods | Thu, Dec 4, 2003
Abstract:The increasing importance of the socio-economic dimension of globalization and the current insufficiency of institutional arrangements for global economic governance demonstrate the need for a new framework to address the attendant challenges. From the viewpoint of many experts, the original role of the UN in the normative and agenda setting arena should be strengthened on issues such as social and economic development, peace-building, security, justice, and the promotion of human rights. Reform proposals seek to ensure that the legitimacy of the United Nations is recognized with respect to the coordination of global economic policy consistent with its normative framework, and to providing regulatory authority. The objective of this policy paper is to provide expertise for in-depth discussions on the nature of the global governance deficit, with a view to coming up with proposals for global governance reform in the context of the UN Financing for Development High Level Dialogue on October 29-30, 2003.