Context: Recently, in the 15th G-20 summit, leaders discussed the health of Global Financial Architecture (GFC) in addressing the COVID-related economic crisis.
Overview and issues within Global Financial Architecture: can be seen as a triptych (a picture carved on three panels)
Failure during the current crisis: Inability of Asian countries to operationalize their regional financial safety net through the Chiang Mai Initiative Multilateralization has been a major failure.
Significance of G-20 in strengthening the MFIs:
Conclusion: The G-20 might remain the most effective extent international institution to address the challenges that arise from globalization.