What Progress on International Financial Reform? Why so Limited? Stephany Griffith-Jones & Jose Antonio Ocampo

Progress on international financial reform has been uneven and asymmetrical. While most progress has been achieved in areas implemented nationally by developing countries (e.g. strengthening macroeconomic policies), least progress has been realized in the equally if not more important international measures (e.g. provision of sufficient development finance, transparency and regulation of international financial markets, etc.) due to the lack of consistent developed country support for the reform process.

According to the authors, one of the best ways to support progress on an international financial reform that is more supportive of growth, development and poverty reduction is to strengthen the voice of developing countries in that discussion. To do that, it is important not just to increase participation of developing countries in the key international and regional fora, but also to enhance their technical knowledge of increasingly complex issues in relation to the reform of the international financial system, as well as strengthen their bargaining position.

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