Reforming the Global Financial Architecture: Is Real Change Coming?

This article evaluates the prospects for meaningful reform of the global financial architecture. It begins by looking at the most significant problems with the current architecture. Thereafter it classifies the current reform efforts into three areas -- reforms that in fact have been implemented, reforms that have been proposed but not yet implemented, and reforms that are only under discussion. The paper then evaluates the adequacy of these reform efforts and makes some brief proposals for future reform efforts