IMF blog: Rethinking Multilateralism for a Pandemic Era
Has multilateralism failed us during the pandemic? Maybe not entirely, but we must organize ourselves on a whole-of-society basis within nations and rethink how we collaborate internationally to mitigate its profound consequences for livelihoods, social cohesion, and global order, World Trade Organization Director-General Ngozi Okonjo-Iweala, Singapore Senior Minister Tharman Shanmugaratnam, and former US Treasury Secretary Larry Summers write in a new article for our latest edition of Finance & Development Magazine. Future crises may depend on a fundamental reset of international cooperation.
"Rethinking multilateralism has never been more urgent," the authors write. "The window for action is narrow. As the experience of earlier crises shows, the impetus to make bold change will fade once we are past the worst of the pandemic in the richest countries."