The International Financial Institutions (IFIs) have been an essential part of the world economic system since the end of WWII. In the last two decades, IFIs have come under significant pressure by the emergence and fast growth of many of their shareholders. The Western-dominated governance is increasingly challenged. IFIs also face competition from new international development banks, such as the Asian Infrastructure Investment Bank, set up with the express purpose to provide a counterweight to traditional development banks.

How will these developments impact the future role of IFIs? Which reforms of the Global Financial Governance would be necessary in order to effectively address urgent challenges such as inequality, persisting poverty and climate change?
 

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