World leaders are gathering in Paris this week as French President Emmanuel Macron seeks to build support for an overhaul of the global lending architecture.
Macron’s Summit for a New Global Financing Pact aims to change the way that multilateral institutions work to better support poor nations and address threats like climate change and future pandemics.
Supporting them is a key strategic goal for Europe and the US, especially as they seek to counter Beijing’s growing economic influence in the developing word. China has become the largest official lender to many of the poorer nations across the globe. While the summit is not expected to yield any major decisions, it is seen as a milestone on the road toward achieving progress on several key issues, including debt relief, which will dominate upcoming international meetings, a senior US Treasury official said.
“The Paris Summit is an opportunity to build and maintain momentum for reform of the international financial architecture,” Stephanie Segal, a senior fellow at the Center for Strategic and International studies and a former Treasury official. “Senior-level participation, at both the country and institutional level, can demonstrate the political support needed for reaching consensus on potentially contentious issues.
Yet even as most leaders agree that the Breton Woods institutions are ripe for a revamp that reflects the current reality, agreeing on what that will entail can be contentious and take time, and ongoing debt distress and climate risks could spell deeper economic stagnation for large swaths of the globe.
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