Is the current ‘Global Financial Safety Net’ fit for purpose?

Danny Cassimon and George Mavrotas

Development Finance Agenda, 2023, vol. 8, issue 3, 6-8

Abstract: In two previous contributions (Cassimon & Mavrotas, 2021; 2022), we highlighted the necessity and opportunities for some key structural reforms in the global development finance architecture so as to make it more fit for purpose to tackle the multiple development challenges and (poly)crises faced today. We then announced that we will develop some of these ideas further in a series of successive future contributions, each zooming in on one particular dimension of the architecture and needed reforms. In this particular contribution, we focus on a first dimension, which is the evolution of the provision of a so-called ‘Global Financial Safety Net’ (GFSN), i.e. the availability of and access to the (global) system of emergency short-term finance for countries in order to cope with shocks and crisis, where we focus exclusively on its role vis-à-vis developing countries as recipients.

Date: 2023
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