A BASIC South view: Expectations from a new president of the World Bank

The “BASIC” block of countries, including China, India, Brazil and South-Africa, representing a group of emerging economies have become a strong geopolitical force in global governance. This “political power shift” became apparent during the Copenhagen Climate Conference and has been observed as well in the vote reform within the Bretton Woods Institutions, such as the World Bank and the IMF1. While the US and Europe continue to have a strong and powerful voice within the International Finance Institutions (IFIs) and UN bodies, the BASIC countries are increasingly using their political and economic clout and influence, especially through informal alliances around UNFCCC negotiations, Major Economies Forum (MEF) and shaping of Green Climate Fund.

The world is entering a new period in global politics, where restructuring of global institutions and redesigning of political processes are taking place to incorporate the interests of emerging economies. Even the World Bank has to navigate through this new emerging dynamic, especially on issues like energy strategy, environmental and social safeguards, etc. Continue reading

Poll: Priorities for reform at the World Bank

The World Bank has attracted criticism across the spectrum of its operations. In this poll, we highlight a selection of the concerns campaigning groups have highlighted. Which area(s) do you feel are the ripest for reform by a new World Bank president?  This is not intended to be a comprehensive agenda – suggest other important issues in the comment section at the bottom!

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Obama advisor says why Larry Summers won’t be the US nominee

Valerie Jarrett, a senior White House advisor, made it clear in an interview why it’s just as well Larry Summers is happy as President Emeritus at Harvard.

In this Daily Beast interview Jarrett used the occasion to hint how important women are to Obama’s re-election. He enjoys solid support and higher approval ratings than his Republican challengers.

Jarrett was pretty clear: “The jobs of the future are science, engineering and math, and those are the jobs that women have shied away from,” she said. The guarantee of a strong education for every child is the magic bullet, and the administration is working toward that goal. “If you have an education, then the sky is the limit,” she said. Teaching our daughters and colleagues confidence is crucial to the formula for women’s success.”

Summers would, no doubt, agree on the future of good American jobs, and how important it is for more women to be in these STEM fields.  That’s not his reputation, alas, after his speech at Harvard before the faculty removed him, and the White House isn’t going to risk alienating a key bloc of supporters in November.

Discuss among yourselves, journalists. If the reaction to the earlier White House leak didn’t take Summers out, this interview should make it clear that Larry will be staying in Cambridge.

US Rep. John Conyers Urges Obama to Nominate Jeff Sachs to Lead the World Bank

President Obama has a historic opportunity to help reform the World Bank, by nominating development expert Jeffrey Sachs to be the World Bank’s next president. Sachs has said that as president he would sharpen the focus of the Bank on achieving the Millennium Development Goals for reducing poverty and extending access to health care and education. Coming from Sachs, this pledge is “change you can believe in,” because for years Sachs has a leading international advocate of efforts to achieve the world’s poverty reduction goals, currently serving as an adviser to UN Secretary General Ban Ki-moon. Continue reading