“The post-war international financial architecture is no longer sufficiently adapted to deal with the growing inequalities, climate change, biodiversity erosion and public health challenges prevalent in the 21st century,” the French Republic said in a statement sent to PREMIUM TIMES.
Amidst calls for a reform of global financial systems, France is taking the lead in promoting what it calls a new financial pact.
This is evident in the “fragmented, partial and insufficient” nature of the international community’s responses to issues. According to France, international solidarity has never been more critical, especially with crises that are weakening the poorest and most vulnerable countries to an even greater extent.
“This Summit intends to be inclusive, with every country, every opinion and every proposal being able to be expressed,” it noted.Together build a more responsive, just and inclusive global financial system The global financial system inherited from Bretton Woods has reached its limits at a time when we are facing two major threats to the future of our planet. The first is insufficient support for development and for the protection of our global public goods due to a lack of resources. The second, which is even more crucial, is the risk of geopolitical fragmentation, at a time when we need effective multilateralism and enhanced cooperation more than ever.
This Summit is part of a positive momentum. The launch of reform by the World Bank, the G20 Presidency of India and that of Brazil right after, the SDG mid-term review and commitments made at COP are all reasons for hope to build on this momentum. Tangible solutions have already been initiated: the Paris Club and the G20 launched an initiative for debt treatment, and France plays a pivotal role in implementing coordinated solutions under the Common Framework.
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