Wemos and other civil society organizations have sent a joint letter calling all European leaders to commit to a transformative and ambitious agenda of financial architecture reform at the Fourth International Conference on Financing for Development (FfD4), taking place from 30 June to 3 July 2025 in Seville, Spain. The letter was coordinated by the European Network on Debt and Development (Eurodad).
The FfD4 is a key moment for advancing reforms in the global economy, setting the course for development financing over the next decade. It presents a pivotal opportunity for Europe to demonstrate true global leadership by championing fairness and justice in global economic governance, implementing much-needed reforms to the international financial architecture.
At a time when only 17% of the Sustainable Development Goals (SDGs) have been achieved, reforms to the international financial architecture can play a crucial role in achieving SDG 3 (Good health and well-being) by enabling countries to sustainably fund strong, inclusive health systems.
Public finance has been recognized as the most reliable and equitable source for long-term health system funding. However, domestic resource mobilization falls short in many countries, causing underinvestment in the public health system and reducing the access to needed healthcare – in particular for those living in poverty or part of vulnerable groups.
Globally, tax avoidance and evasion equal a loss to the public revenue of nearly USD 500 billion per year – an amount that could otherwise be used to fill gaps in public finance for essential services, such as health.
Fair tax can only be realized through comprehensive international cooperation between all countries on equal footing and fair allocation rules. Aligned with national priorities and managed through strong public financial management, fair tax would not only finance better health systems, but also build the capacity of countries to respond to crises and reduce reliance on external aid.
European countries, including the Netherlands, must move beyond statements of support and actively promote reforms in the financial architecture that address the root causes of inequality between countries and within countries.
The Dutch government can play a decisive role in supporting fairer approaches to sovereign debt, comprehensive international tax cooperation, and stronger public financing for development. It will show not only a commitment to multilateralism and human rights, but also a strategic opportunity to strengthen its global positioning in championing a more just and democratic global financial system.
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