Europeans should bet on modernising the World Bank and IMF
Established 80 years ago, in July 1944, at a time before many developing countries had gained independence, the Bretton Woods institutions reflect the governance and priorities of a very different era. Yet, despite their shortcomings, the two institutions remain critical instruments through which European countries can mobilise climate and development finance for low- and middle-income countries — and, in doing so, pursue Europe’s own climate ambitions. The World Bank (often described simply as The Bank) plays a unique role in the international system. Its central function — to leverage shareh...