Gallagher Notes “Crisis of Multilateralism” In Global Economic System
In an interview with Reuters, Kevin Gallagher, Professor of Global Development Policy at Boston University’s Frederick S. Pardee School of Global Studies and Director of the Global Development Policy Center (GDP Center), discusses the recent International Monetary Fund (IMF) and World Bank meetings as well as takeaways from the meeting.
The article, titled “Analysis: Overlapping crises add urgency for IMF, World Bank resources, reforms,” outlines the increased pressure being put on developing countries due to the current global financial structure. According to the author, the meetings “highlighted the inadequacy of the IMF’s and World Bank’s current structures – designed at the end of World War Two to focus on rebuilding peacetime economies – to deal with current global calamities.”
In his comments, Gallagher notes that this week’s IMF and World Bank meetings were exhibit A of the crisis of multilateralism. He argues for reform to the gobal financial system in his latest book The Case for a New Bretton Woods, and in his recent comments, Gallagher says “this is not a time for incremental change. We need to seize this moment or it’s only going to get worse.”
The full article can be read on Reuters‘ website.
Kevin Gallagher is a professor of global development policy at Boston University’s Frederick S. Pardee School of Global Studies, where he directs the Global Development Policy Center. He is the author or co-author of numerous books, including most recently, The Case for a New Bretton Woods (Wiley, 2022). Read more about Professor Gallagher on his Pardee School faculty profile.