Ngaire Woods speaks on financial reform at UK Parliament seminar

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Ngaire Woods, GEG’s Director, presented proposals for financial reform during a seminar at the UK Parliament. Hosted by Shadow Minister Chi Onwurah MP, and sponsored by the Ford Foundation, the event brought together academics and policy experts to discuss ways that finance can be governed for innovation and social inclusion.

Professor Woods addressed three areas in need of reform. Noting the challenges that national regulators face in economies with large and open financial sectors, she emphasized the importance of stronger global rules for regulating finance. Turning to the IMF, she explained that, in the wake of the financial crisis, the IMF’s financial and technical resources have been overwhelmingly tied up in Europe, leaving the IMF in a weak position to respond to future crises. The IMF needs greater buy-in from emerging economies, but this in turn requires action on long-promised reforms in IMF governance. Finally, the World Bank has an important role to play in allocating finance globally, yet this role is hampered by continued weaknesses in its governance and slow reforms. As a result, countries are increasingly turning to regional development banks.

A video of the speech can be found on the event's page here.