Bretton Woods Project Annual Report 2019

The past year proved eventful for the Bretton Woods Project and partners, as we worked to bring about a more just, equitable and environmentally sustainable global economic order. In response to the unexpected changes in leadership at the World Bank and IMF, the Project worked with partners to end the illegitimate and undemocratic ‘gentleman’s agreement’ by mobilising for a merit-based leadership selection process. Alas, despite our community’s best efforts, and the Bank and Fund’s rhetoric about the need for a new multilateralism, the ‘gentleman’s agreement’ remained intact with the US retaining the Bank’s presidency and Europe the Fund’s leadership.

This year also marked the 75th anniversary of the Bank and Fund, an occasion we observed by publishing a series of critical essays detailing the significant negative consequences of their policies and programmes since their establishment. The Project also organised a conference in Washington DC in October, with friends from the University of Georgetown’s Center for the Advancement of the Rule of Law in the Americas and Bank Information Center, entitled Bretton Woods at 75 and the future of multilateralism, to discuss the legacy of the World Bank and IMF and their linkages to the growing rise of nationalist sentiments and antagonism toward international cooperation.

As we begin the Sustainable Development Goals’ ‘decade of delivery’, we continue to face a worsening climate emergency that disproportionally impacts the most vulnerable, rising levels of inequality and a decreased rate of poverty reduction. While the IMF and World Bank have acknowledged the challenges above and noted the need for a departure from ‘business as usual’ in numerous statements and research, the reality, particularly at the country level, remains largely unchanged. Despite the evident challenges, BWP will continue to work tirelessly with its partners to support the growing demand for a multilateral system based on respect for human rights and social and environmental justice that takes into account the voices of marginalised and vulnerable communities.