This 90-minute conference in Marrakesh, Morocco is co-organized by the International Finance Forum (IFF), the Bretton Woods Committee (BWC), and the Center for Global Development (CGD), to be hosted by the IMF.

The Setting—After decades of globalization, the last few years have witnessed a seismic shift in global economic relations. Geo-political tensions, including emanating from the war in Ukraine, have led to the rise of fragmentation. At the same time, global challenges, such as climate change, income inequality, debt burdens, and slow growth, are more wide-spread and deeper than before. In many ways, multilateralism is more at risk than perhaps any time since the inception of the current international system and the Bretton Woods institutions some 80 years ago.

A Path to Pragmatic Multilateralism—Given this challenging context, any sustainable solution requires global cooperation. What can be done to reinvigorate international cooperation and create a path to a more “pragmatic multilateralism” for the new era? This will involve some fresh thinking about the adequacy of the current system, as it is unlikely that the system created in the 20th century will be sufficient to meet the challenges of the 21st century.

In the coming decades, it is expected that the bulk of global economic growth will come from the Global South. Along with the continued increase in their economic weights, emerging markets and developing countries will demand a larger voice and representation in global decision making, including at multilateral institutions.

However, the Global South also faces daunting challenges to realize their growth potential, including implementing sound economic policy reforms and ensuring adequate and sustainable financing. Thus, it is in the interest of the global community to ensure that global solutions—with pragmatic multilateralism at its core—support all nations, particularly the Global South. Similarly, building this new kind of consensus would open up the opportunity for a shared emphasis on the pressing global issues confronting us all today.