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Trade and Development Report 2015

Making the International Financial Architecture Work for Trade and Development

image of Trade and Development Report 2015
The Trade and Development Report (TDR), launched in 1981, is issued every year for the annual session of the Trade and Development Board. The Report analyses current economic trends and major policy issues of international concern, and makes suggestions for addressing these issues at various levels.

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Systemic challenges in the international monetary system

The tensions and troubles in today’s global economy emerge from the interaction between weak effective demand and persistent financial instability. The global financial crisis in 2008 was a reminder of the economic and social damage that such an interaction can generate. Much of the subsequent reform effort has concentrated on repairing bank balance sheets, strengthening regulatory frameworks and improving the resilience of financial institutions to shocks through actions at the national and international levels. This is an ongoing process (see chapter IV of this Report). But the success of such efforts is closely related to global macroeconomic forces whose current weakness stems partly from the malfunctioning of the existing international monetary system (IMS).

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