Abstract
At the November G20 Summit, Leaders are expected to approve a revamp of the global financial system as proposed by the October 2018 report entitled ‘Making the Global Financial System Work for All’ by the G20 Eminent Persons Group. This article describes some of the report’s proposals and warns that, in their current form, they could undermine accountability, participation and sustainability.
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G20/OECD/WB Stocktake of Tools and Instruments Related to Infrastructure as an Asset Class—Progress Report, March 2018.
See Motoko Aizawa, Key Messages on the World Bank Group’s 2017 Guidance on PPP Contracts, Heinrich Boell Foundation, September 2017; Foley Hoag, Summary Comments on the World Bank Group’s 2017 Guidance on PPP Contractual Provisions, September 2017; Martin Dietrich Brauch, Contracts for Sustainable Development, International Institute for Sustainable Development and Heinrich Boell Foundation Washington, D.C., December 2017.
Roepke Lecture in Economic Geography, Clark University, 2012.
See a joint paper by CGD, Brookings and ODI prepared for the EPG: https://www.brookings.edu/research/the-new-global-agenda-and-the-future-of-the-multilateral-development-bank-system/and blogs by Brookings and CGD on the work of the EPG: (a) https://www.brookings.edu/blog/future-development/2018/02/20/time-to-reform-the-multilateral-development-bank-system/; (b) https://www.cgdev.org/blog/new-agenda-mdbs-five-practical-reforms; (c) https://www.cgdev.org/blog/g20-eminent-persons-group-update-im-disappointed-still-hopeful; (d) https://www.cgdev.org/blog/8-ideas-reforming-mdbs-eminent-persons-group. See also Chris Humphries, Channeling Private Investment to Infrastructure: What Can Development Banks Realistically Do? Overseas Development Institute Working paper 534, April 2018.
References
Gabor, Daniela. 2018. Understanding the financialisation of international development through 11 FAQs, University of the West of England (UWE, Bristol), October.
Griffiths, Jesse, and María José Romero. 2018. Three compelling reasons why the G20’s plan for an infrastructure asset class is fundamentally flawed, EURODAD, July.
Joshi-Ghani, Abha. 2018. Behold the White Knights! New research on institutional investor participation in financing EMDE infrastructure, Infrastructure and PPP Blog, World Bank Group, March 15.
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See the G20 EPG website: https://www.globalfinancialgovernance.org/.
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Alexander, N., Rowden, R. G20 Prepares to Revamp Global Financial Governance. Development 61, 54–61 (2018). https://doi.org/10.1057/s41301-018-0173-6
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DOI: https://doi.org/10.1057/s41301-018-0173-6