Reforming the International Financial Architecture

Abstract

The recent global economic crisis universally affected various nations across the length and breadth of our globe largely on account of globalization and increasing interconnectedness. However, the North bloc suffered greater losses, crises, mayhem, and misery on socio-economic, as well as political fronts. Massive reform packages and bail-outs en masse are short-term temporary solutions as introspection into the ‘mother of all crisis' would point at larger issues at stake involving several multi-faceted functional and systemic changes. This audit also questions the hegemony of American-centric growth and the efficacy of the existing over-arching international financial architecture. Global growth and governance need to be democratic and inclusive as the South bloc nations, especially India and China must be recognized as partners in the global village. A revisit, review, reform, and reconstruction on an emergency basis are called for in the interest of long-term solutions and sustainable development.