STWR - Share The World's Resources

The international monetary framework which emerged after the collapse of the Bretton Woods system in the 1970s has proved volatile, damaging and prone to crises. It is time for a fundamental redesign and the introduction of a global reserve currency, argue Peter Chowla, Barbara Sennholz and Jesse Griffiths.

With the need to reform international finance now widely acknowledged, the solutions put forward from organisations in over 60 countries emphasise the importance of greater social investment, says a report by Social Watch.

The revenue lost to international tax evasion amounts to more than poor countries receive in aid. Global finance rules should be changed to enable governments to raise more money to spend on essential public services, says a report by ActionAid.

The global recession is expected to push 89 million more people into extreme poverty by the end of 2010, the World Bank said as it called on the leaders of the 20 largest economies to engage in "responsible globalization", writes Annys Shin.

The financial crisis presents a rare opportunity to build a system of international finance that works in the true interest of the global public, but the G20 ministers seem intent on maintaining the unsustainable growth-oriented global economy of the past, writes Rajesh Makwana.

Illicit financial flows out of the developing world facilitated by global financial opacity, both in tax havens and major financial centres, is entrenching poverty. This joint briefing paper calls for the G20 to address this issue through greater international regulation.

The financial crisis has debunked the myth that the free market is intrinsically stable and leads to greater prosperity for all. Economists must now face up to the reality of the flaws and frictions inherent in the current economic system, says Paul Krugman.