Forum 2015 | Worldconnectors

Different projects of NCDO converge on this forum to exchange ideas and opinions about international cooperation. You are welcome to join all our discussions. Welcome Worldconnection! Please log in to start topics and post reactions in this forum. You can log in using your worldconnections account.

		Project officer   Anne-Katrien Denissen 1 posts 22 December 2009  15:17    Quote How to reform international financial institutions? The Worldconnectors are formulating a statement on Financial Systems. However, there are still some questions that need to be answered. Please give your input on the following question: "Western and industrialised countries currently have the largest say in international financial institutions like the FSB, IMF and the World Bank. The justification of this power imbalance is, however, questionable. An alternative would be to drastically increase the voice of poor countries in these institutions. A (reformed) IMF could be given a greater role to regulate and supervise the banking system at the global level, and Special Drawing Rights (SDRs) could become the new global reserve currency, to eliminate the risks of credit-based currencies and to improve the management of global liquidity. But, what are the factors working against such drastic reforms, and how could they be overcome?"

		VoiceOver 2015 member   Thomas Baganineza Swaziland 33 posts View profile 23 December 2009  12:21    Quote Re: How to reform international financial institutions? Well, it would be a good thing if poor and developing countries would have a voice in IMF and World Bank. The question is, "Who will reform the IMF " since the Central Banks in some of these Western and Industrialized Countries are private and independent of Governments? In other words, the politicians depend on what their central banks tell them not the other way around. While all these developed and industrialized countries agree that serious financial and banking reforms are needed, they still disagree on how they should be carried out. Before we talk of the Third World having a voice in these International financial Bodies, there should be a thorough reform that should usher in the new regulation laws and policies which will make the Central Banks working with their Governments on interdependent level. Once the practical reforms have been achieved and these countries are able to tell IMF and World Bank what to do, then we can then lobby for the poor countries to also have a voice knowing that they will be fairly treated. As for now many politicians do not yet have the authority to influence how banks should operate. thomasbaganineza@gmail.com

		VoiceOver 2015 member   Manh tuan Phan Viet Nam 25 posts View profile 31 December 2009  04:55    Quote Re: How to reform international financial institutions? I have opinion that may be opposite to what you raised in relation to the reform of IFIs When we say about IFIs, the first come always the WB. The WB and its arms play very important role in making things changed (or moved) in developing countries. While they are considered or regarded as too dominatory in dealing with other donors and aid institutions from developed countries. And what’s bad from that ? Also the US-dominatory in the WB makes things go smother and more focused, at least to my knowledge and opinion. So, let it on. Now, if we wish to have any reform in the WB and other IFIs, then: • more voice of the receiving countries in designing long-term policy in IFIs in relation to that countries (I mean professional and independent voice) • more strict supervision and regulation over the financial institutions • more requirement along with capacity building on governance and regulatory framework in developing/receiving countries The most appropriate example for this is the model of the Third Chamber, where there requires participation of members from developing/receiving countries.

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