GEG Director Ngaire Woods Addresses Commonwealth Finance Ministers
On 9 October, Ngaire Woods gave a presentation to the Commonwealth Finance Ministers during the International Monetary Fund/World Bank meetings. Finance ministers were meeting ahead of the Commonwealth Heads of Government meetings in November to determine what areas of reform the Commonwealth should focus on.
Professor Woods made the case for considering afresh how global economic institutions are serving the Commonwealth's members, and to further develop “an open, rule-based, predictable, non-discriminatory trading and financial system” as well as to address the special needs of least developed, land-locked, and small island developing countries.She also highlighted the need for more inclusive institutions, drawing in major emerging economies to provide resources and agree upon institutional reform; the lack of well-resourced, globally-reaching, rapidly-acting international institutions, and the importance of successful engagement of new emerging economies at the core of global economic management. Professor Woods also discussed how the principles for global economic governance, set out five years ago by the Commonwealth, could be furthered in the IMF, the World Bank, and the Financial Stability Board.