LONDON — Eighty years ago, delegates from 44 countries gathered in Bretton Woods, New Hampshire, to coordinate reconstruction in the aftermath of World War II and promote international economic cooperation. The institutions for which they laid the groundwork — the International Monetary Fund (IMF) and the World Bank — stand at the heart of the global monetary and financial order.

In recent years, however, climate change and the coronavirus pandemic have laid bare just how out of step these institutions are with changing global economic realities and development priorities. If the international community is to have a chance to address 21st-century challenges effectively and equitably, the global economic and financial architecture must be reformed. Eight priorities stand out.