Elaborated by Commonwealth Secretariat. In today's world, responses to global challenges can only be achieved by collective debate and action. A coordinated response is required to achieve satisfactory and sustainable outcomes, however, international institutions are no longer placed to support an adequate response to these challenges: they are structurally outdated and in urgent need of reform. This timely and relevant book examines three sets of major international institutions: the UN, the World Bank and IMF, and institutions concerned with international environmental governance. The contributors, all experts in international policy, argue that current global concerns have outgrown the existing system and an effective response requires serious multilateral co-operation. International institutions must become more efficient and inclusive of emerging economies and smaller states in order to become relevant and effective. Reform of international institutions is essential for future economic stability and sustainable development. There must be bold steps towards real change. By highlighting the issues and offering recommendations for next steps, this book aims to push debate in order to accelerate reform.