October 12, 2022 | Side Event at the IMF/World Bank Annual Meetings, Washington D.C.
During the IMF/World Bank Annual Meetings in Washington D.C., members of the End Austerity Campaign—including Global Social Justice, the Financial Transparency Coalition, OXFAM, and Eurodad—hosted a timely side event addressing the global shift toward austerity amid overlapping global crises.
As governments confront a fragile recovery in the wake of new Omicron variants, the Ukraine war, rising inflation and interest rates, and escalating debt distress, expansionary fiscal policies are increasingly being replaced by fiscal consolidation. This trend puts essential public services at risk just when people need them most.
The session presented findings from new 2022 reports, revealing how current recovery policies are deepening inequalities, harming social protection systems, and undermining efforts to build sustainable economies. Panelists stressed the urgent need to resist austerity and adopt equitable, inclusive financing solutions that protect people and the planet in times of crisis.
