Woods briefs European Parliament on the International Response to the Global Crisis
People in developing countries are suffering disproportionately from this global financial crisis, and international institutions have a long way to go to ensure the financing and mechanisms of assistance that can address this development emergency, writes Professor Ngaire Woods in a policy briefing commissioned by the European Parliament. In many developing countries, what is being crushed and reversed is hard-won progress towards reducing poverty, hunger, and child mortality, and towards increasing primary education, gender parity, access to safe water and sanitation – in short, progress towards the Millennium Development Goals. In this policy briefing, Woods evaluates the responses to the crisis by the IMF, World Bank, G20, and the European Union, and provides a series of recommendations for strengthening the international financial and aid architecture so that it can better respond to the urgent needs of developing countries in deep crisis.