In an interview with Reuters, Kevin Gallagher, Professor of Global Development Policy at the Frederick S. Pardee School of Global Studies at Boston University and director of Global Center for Development Policy (GDP Center), discusses recent meetings of the International Monetary Fund (IMF) and the World Bank as well as takeaways from the meeting.
The article, titled “Analysis: Overlapping crises add urgency to IMF, World Bank and reform resourceshighlights the increased pressure on developing countries due to the current global financial structure. According to the author, the meetings “highlighted the inadequacy of the current structures of the IMF and the World Bank – designed at the end of the Second World War to focus on rebuilding economies in peacetime – to make in the face of current global calamities”.
In his comments, Gallagher notes that the IMF and World Bank meetings this week were Exhibit A in the crisis of multilateralism. He argues for reform of the global financial system in his latest book The case for a new Bretton Woods, and in his recent comments, Gallagher said that “now is not the time for incremental change. We must seize this moment or it will only get worse.
The full article can be read at Reuters‘ website.
Kevin Gallagher is Professor of Global Development Policy at the Frederick S. Pardee School of Global Studies at Boston University, where he directs the Global Development Policy Center. He is the author or co-author of numerous books, including the most recent, The case for a new Bretton Woods (Wiley2022). Learn more about Professor Gallagher on his school Pardee faculty profile.