The global economy faces multiple systemic challenges. Energy and inflation shocks have caused cost of living crises in many countries. Climate and ecological breakdown is causing widespread fires and floods. More conflicts are arising from deeply extractive economic models. And the most damaging impacts of all these crises are falling disproportionately on those that are least responsible for them in the Global South.Â
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The IMFS is inherently unjust and rooted in neo-colonial legacies. Sitting at its heart is a strict hierarchy of currencies - with the dollar at the top - which upholds the global inequalities we see today, and causes money to flow in the wrong direction, from poor to rich, and the Global South to the Global North. But there is an alternative.Â
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New technology and payment systems including central bank digital currencies (CBDCs), the reform of the existing IMFS institutions, alongside widespread debt cancellation, could together make the IMFS fairer, and build a new financial architecture to bypass the dollar-centric IMFS and reshape global financial power dynamics.Â
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