The world at a crossroads: reclaiming global economic governance

Against a backdrop of ongoing conflicts, the erosion of international law and the weakening of the UN as the democratic global governance space - and in which civil society is operating in an increasingly difficult environment - addressing the interconnected polycrisis has become complex and challenging. Hopes for meaningful reform of global economic governance at the Fourth International Financing for Development Conference (FfD4) in 2025 were ultimately not realised, largely due to the dilution of outcomes by the Global North.

Yet despite the difficult context, there are important opportunities to advance our agenda to democratise global economic governance. 2026 is a crucial year for the negotiation of the UN Framework Convention on International Tax Cooperation. The outcomes will shape global tax rules, impacting the ability of countries—especially in the Global South—to mobilise domestic resources, and it will set the standard in international taxation. Inspired by this, the global debt movement is also stepping up efforts to advance a UN Debt Framework Convention while also campaigning for urgent debt cancellation in the Global South.

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