Rethinking Bretton Woods | Sat, Jun 1, 2013
A recent report, “Putting People and Planet First”, makes the case that the post-2015 development framework must restructure the international financial architecture and the role of finance in general.
The report is authored by the CONCORD-Beyond 2015 European Task Force (ETF). The Task Force claims that finance should be a pillar that supports the vision of a new framework, rather than the primary force driving the economy. The post-2015 agenda must reorient finance and tighten financial regulations in order to improve the standard of living and reduce the unsustainable drain on natural resources.
The Bretton Woods Institutions, the IMF and the World Bank, have a significant impact on a country’s ability to fulfill its human rights obligations. Reality has shown time and again that IMF and World Bank policy advice and assistance, which usually escapes any form of parliamentary scrutiny or public debate, come at a great price for the social well-being of economies, undermining the states’ ability to fulfill its human rights obligations. Alongside problems associated with their policy advice and finance, their internal governance reforms have so far only grudgingly given a greater say to emerging economies in their boards while poor countries still remain largely voiceless and under-represented.