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Publication
Seizing Opportunity from Crisis: Making Multilateralism Work
(World Bank, Washington, DC, 2009-03-31)Robert B. Zoellick, President of the World Bank, recalled a moment in John Maynard Keynes life when he called for deeds that restore the public trust that governments are up to the challenge of the current crisis. What started in 2007 as a financial crisis quickly spiraled into an economic crisis, with estimates for 2009 for the first contraction of the global economy since World War II and the largest decline of trade in 80 years. Developing countries are being battered in successive waves as private capital flows slump sharply. These events could next become a social and human crisis, with political implications. Zoellick reviewed the difficulties for each region of the world. Unlike the 1930s, however, central banks have stepped in with creative solutions to keep credit flowing. But the challenge ahead requires a spirit of innovation backed by action. The World Bank Group’s Board is considering a new proposal: the launch of a $50 billion Global Trade Liquidity Program. Zoellick called for the member of the G-20 to make multilateralism work and to empower the WTO, the IMF, and the World Bank Group to monitor national policies. Bringing sunlight to national decision-making would contribute to transparency, accountability, and consistency across national policies. It is time to institutionalize “early warning” systems to protect the poor from cuts in social programs during times of economic crisis. Modern multilateralism will require that rising economic powers have a larger say in how institutions such as the World Bank and the IMF are run. -
Publication
Moving Forward from Singapore
( 2006-09-20)Paul Wolfowitz, President of the World Bank, discussed giving the poor people of the world a chance to escape poverty. He spoke about the actions to promote good governance that are crucial to successful economic development, poverty reduction and helping member countries achieve the Millennium Development Goals. He mentioned issues of global import, particularly the prospects for the Doha Round and the issue of clean, efficient, and affordable energy. He concluded by saying that the Bank Group will continue to remain active in a variety of international efforts to provide global public goods. -
Publication
Path to Prosperity
( 2006-09-19)Paul Wolfowitz, President of the World Bank, discussed Singapore's remarkable progress along the road from poverty to prosperity which has also been discovered by many other countries in East Asia and around the world. He spoke of how each country must find its own path for people to pursue the same dreams of the chance to go to school, the security of a good job, and the ability to provide a better future for their children. Throughout the world, and importantly in the developing world, there is a growing recognition that the path to prosperity must be built on a solid foundation of good governance. Rich countries that have a vital responsibility in the fight against corruption and the need to take action against bribe givers who often come from their countries and to help the developing country partners recover stolen assets. He concluded by saying that the Bank’s mission is to help pave the way for the poor by giving them opportunity to work, so that they can take control of their own destiny.