At the Naples Summit, G-7 Leaders agreed that the Halifax Summit should focus on how to "assure that the global economy of the 21st century will provide sustainable development with good prosperity and well-being of the peoples of our nations and the the framework of institutions required to meet these challenges.
This paper examines the need for changes to the architecture of the international financial institutions -- i.e., International Monetary Fund, the World Bank Group, and the regional development banks.
Broadly speaking, the international financial institutions have demonstrated an exceptional degree of flexibility in adapting to changing demands. Nevertheless, there remain a number of areas where improvements are both possible and desirable.
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