A brewing sovereign debt crisis threatens to engulf as many as sixty-one countries in debt distress over the coming year. Aid flowing from the global North—which carries the most responsibility for the atmospheric carbon stock—to the global South—which bears the brunt of its impacts—must be dramatically scaled up. Despite professing the need for global climate solutions, governments in the more prosperous countries have responded to this threat with lassitude and indifference, as evidenced by the slate of unambitious, unserious, and demonstrably ineffective responses issued from their recent summits. Meanwhile, democratic deficits within the institutions of multilateral governance show the difficulty of grappling with the pronounced asymmetries in our international financial architecture. Even the most ambitious reforms slated for discussion at week’s Summit on a New Global Financing Pact in Paris fail to confront the fundamental role of debt in that asymmetrical architecture.
Related Articles
![No Picture](https://braveneweurope.com/wp-content/themes/mh-magazine/images/placeholder-medium.png)
Austerity
Bill Mitchell: Tunisia is a classic example of the failed IMF/World Bank development model
August 5, 2021
Mathew D. Rose
Austerity, Economics, Finance, Financial Institutions, Inequality, Neo-Liberalism in the EU
0
The IMF and World Bank, destroyers of developing nations. Read here
![No Picture](https://braveneweurope.com/wp-content/themes/mh-magazine/images/placeholder-medium.png)
EU politics
Vicent Partal: Spanish PM Pedro Sánchez reciprocates Catalonia’s support with disturbing cabinet appointments
Social Democrats always make the same mistake: they try to move right and take votes from conservative parties – and it eventually ends in tears. Spain already has two conservative parties. They hardly need a […]
![No Picture](https://braveneweurope.com/wp-content/themes/mh-magazine/images/placeholder-medium.png)
Economics
The Cradle: French Foreign Legion arrives in Yemen to secure gas facility
France reportedly aims to export gas from the facility in Shabwah in order to reduce Europe’s reliance on Russian fuel Read Here
Be the first to comment