In 1944, 730 delegates from 44 countries met in Bretton Woods, New Hampshire, to shape the institutions that would rebuild a war-torn world. Seven decades later, some of the highest ranking officials who have served in those institutions say it’s time to meet again.
The multilateral development banking system is due for a major overhaul, according to a high-level panel assembled by the Center for Global Development. Institutions including the World Bank and regional MDBs need to recalibrate their missions, rethink their values, and work better as a collective system if they are to stay relevant, participants in the project concluded. The World Bank, the expert panel said, should establish “global public goods,” beneficial resources such as clean air or a stable climate, which can only be managed through cooperation.
The panel arrived at five main recommendations:
About the author
Michael Igoe@AlterIgoe
Michael Igoe is a Senior Reporter with Devex, based in Washington, D.C. He covers U.S. foreign aid, global health, climate change, and development finance. Prior to joining Devex, Michael researched water management and climate change adaptation in post-Soviet Central Asia, where he also wrote for EurasiaNet. Michael earned his bachelor's degree from Bowdoin College, where he majored in Russian, and his master’s degree from the University of Montana, where he studied international conservation and development.
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