Dr Valpy Fitzgerald – Professor of International Economics and Finance, Oxford University
We asked Valpy about the positives and risks in the international financial architecture for mobilising and using finance effectively for development in the poorest and most vulnerable countries. Valpy identifies that as the BRICS have moved up in the global economy, the World Bank and IMF has shifted to doing more business with poorer and more vulnerable countries. The consequence is that these institutions will have to adapt their policy models to more difficult circumstances. Bodies such as the G20 now have increased representation from the BRICS but the poorer countries are still not really represented. He argues this is of concern because private sector finance will become increasingly important poorer countries, requiring regulatory institutions to support that process.