Reform of the international financial architecture and the policy implications for Africa : background paper

Abstract

This paper undertakes an analysis of the emerging international financial architecture from the perspective of its implications for Africa. It highlights the evolution of the international financial architecture following the Great Depression (the Bretton Woods System). It further examines the international financial architecture after the collapse of the Bretton Woods system through to the Asian financial crisis in 1998 and provides an assessment of the global financial crisis of 2007-2009, a critique of the international financial architecture, and the issues for reform. After considering various alternative proposals that have been offered for a radical and incremental reform of the international financial architecture, the paper examines the case for a pan-African financial architecture.