As the financial landscape rapidly evolves, experts are calling on global financial institutions (GFIs) to undergo significant reforms to stay pertinent in the modern economy.
Clay Lowery, Executive Vice President for Research and Policy at the Institute of International Finance, emphasized the urgency of this transformation during an interview with CGTN at the 2024 Bund Summit. Lowery highlighted that GFIs must adapt to emerging technologies, changing regulatory environments, and shifting market dynamics to effectively support the global financial system.
\"The traditional models of financial institutions are being challenged by disruptive innovations and the increasing demand for sustainable and inclusive financial solutions,\" Lowery stated. He pointed out that embracing digital transformation, enhancing transparency, and fostering resilience are key areas where GFIs can drive meaningful change.
Lowery also underscored the importance of collaboration between GFIs and policymakers to craft strategies that address contemporary financial challenges. By prioritizing adaptability and forward-thinking approaches, GFIs can not only remain relevant but also contribute to a more stable and equitable global economy.
The 2024 Bund Summit provided a pivotal platform for these discussions, bringing together leaders from various sectors to explore the future of finance. As the dialogue continues, the call for reform serves as a catalyst for innovation and progress within the financial sector.
Reference(s):
IIF: Global financial institutions need reforms to stay relevant
cgtn.com
