The good, the bad, and the ugly of Macron's Global South summit
Last week's Summit in Paris ended without tangible results. Eurodad's debt expert, Iolanda Fresnillo, argues in EU Observer that it is time to leave distractions like the New Global Financing Pact behind and focus on more serious processes, where all countries can participate on an equal footing.
French President Emmanuel Macron had hoped that last week's Summit for a New Global Financing Pact in Paris would be a show of global unity for international financial architecture reform.
Instead it showcased the wide chasm between what the global south needs and what the global north is willing to concede.
Barbados prime minister Mia Mottely in her opening address stressed that "what is required of us now is absolute transformation- and not reform- of our institutions."
Yet, beyond some individual countries and institutions announcing new initiatives and pledges, not a single global joint commitment was made. This is to be expected from an ad-hoc, global-north driven process without any institutional legitimacy.