The role of the region’s financial architecture in an adverse global economic climate

The global financial crisis (2008-2009) and its intense and prolonged impact on economic activity worldwide have once again highlighted the need to reform the international financial architecture so that countries are better able to respond to negative shocks as finance and trade become ever more globalized. The most recent crisis has, like previous ones, sparked heated debate on how the international monetary system works, how the world’s global financial markets are regulated and what tools international financial institutions need in order to support countries in the efficient and timely adoption of countercyclical policies aimed at minimizing the impact of turmoil on well-being.

Related Subject(s): Economic and Social Development