Towards Another Formulation Of The Financing Problem: Can The G20 Serve As A Driver Of Policies For Prosperity And Sustainability?

The debate on reforming the global finance architecture is no news, dating back to the mid-1990s. Recently, though, the necessary transformations in the monetary and finance international policies has been driven by a new environment of experimenting through new strategies, behaviors and financial instruments have become part of the repertoire of diverse state actors. Based on the paradigm of market-based finance, a new pack of regulatory, monetary and fiscal policies have served as a premise for the current adjustment proposals of the global finance architecture, and of the so-called “green recovery” policies, an emerging debate dating back to the pandemic of Covid-19. In this policy brief, we make suggestions to promote sustainable growth and reduce inequalities by arguing that the public budget is still the way to go to finance climate action and sustainable development. Key-words: Global Finance Architecture – Economic Development – Climate Finance