Does the world need a new financial order, as Putin claims?

The Russian leader has, I read, called for a radical overhaul of the world’s financial and trade institutions. Apparently, he said that the world needed to create a new international financial architecture to replace the existing model that has become “archaic, undemocratic and unwieldy”.

I am not sure what Putin means by "democratic" and "undemocratic", but I am pretty sure that what he means by those words is not what most people around the world mean by them.

However, the institutions are indeed "archaic", "unwieldy" and in need of reform. The world does need a new financial order - one that is genuinely oriented to creating global justice, fair play, transparency, accountaibility, stability and environmental responsibility rather than the chimera of "growth".

If Putin's remarks encourage the reformation of the global financial institutions in a way that leads to their becoming at least efficient and effective, that would be wonderful.

However, his remarks were confined to the need for these institutions to "reflect the growing economic power of emerging market countries – including Russia", as FT put it today, quoting Putin as saying that these institutions "are a far cry from recognising the existing balance of power.”

That is more like sobbing at being not allowed into a club. Sphere: Related Content