Richard Samans, Director of Research, International Labour Organization

Rebuilding a cooperative Bretton Woods system involves achieving sustainable finance that is socially responsible and improves the efficiency of global capital allocation.

When we talk about rebuilding the Bretton Woods system, we need to consider the goals of sustainable development. Then we should think about how to revise the current policy models; this is the core logic. It is from this core logic that we can establish a reconstruction mechanism.

The sustainable development goals are a very ambitious project, encompassing the improvement of people's living standards, with the core still being growth and development. We need to make significant changes in growth standards and development models. We must decouple economic growth from greenhouse gas emissions to maintain the goals set out in the Paris Agreement; we need to improve the living standards of the median household, adopt inclusive policies, and achieve the United Nations' Sustainable Development Goals (SDGs). This requires more international cooperation in inclusive development, sustainable development, and resilience building, and also takes into account the distribution of public and private capital.

The IMF needs to redefine the Special Drawing Rights (SDR), and by making rational use of SDR resources, help countries lacking social safety nets and support renewable energy. The reform of the international financial architecture that we are undertaking must be socially responsible and capable of improving the efficiency of global capital allocation.