Abstract

ENRIQUEZ, David. G20 and the Financial Remodeling Beyond 2009: Legitimation and Challenges of the New Institutional Design for Development. Anu. Mex. Der. Inter [online]. 2012, vol.12, pp.85-131. ISSN 1870-4654.

The article examines the role that the G20 has in the new institutional design of the International Monetary Fund and World Bank following the 2008-2009 financial crisis. After a brief historical review on the creation of the Bretton Woods institutions, as well as the roles of the two financial institutions, the document reports the progress on the G20 agenda in organizational design and identifies some major challenges in such exercise. The hypothesis of the author focuses on the undeniability of the G20 global representation, but its legitimacy in the institutional redesign of the multilateral financial system can only be given after the effective democratization of institutions and their objectives, based these, on the recommendations of the Commission for the Analysis of Economic and Social Progress, created in spring 2008 at the initiative of the French government.

Keywords : G20; IMF; WB; International Financial System; Financial Crisis.

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