Austerity and the Modern Banker

Rule 108.1

The World Bank discussed the revision of its policy on indigenous peoples (conversion of Operational Directive (OD) 4.20 to draft Operational Policy (OP) Bank Procedures (BP) 4.10).

11. Thus, the major aspect of relations between the human rights bodies and the World Bank, at this stage at least, should be a dialogue on the human rights implications of its policies, and on the need for it to reconsider its policies in view of their negative effects.

The opportunity for future cooperation with the Bank has been opened up with the approval of the Bank Group apos s Urban Development Policy.

In economic policy reform, the World Bank is working to help Governments undertake economic, policy and regulatory reforms that discourage corruption and fraud.

The policy and practice of the World Bank and other multilateral development banks should be consistent with internationally recognized human rights of indigenous peoples.

World Bank UNCTAD Conference on Competition Policy and International Trade

The Bank is currently reviewing all of its operational policies, in an effort to improve its menu of policies and ensure greater compliance, especially with safeguard policies.

However, in order to strengthen the banking sector and the financial markets more effective policies were required.

Although there is talk about offsetting these risks with macroprudential policies, no such policies exist in the US, except for the increased capital requirements that have been imposed on commercial banks. There are no policies to reduce risks in shadow banks, insurance companies, or mutual funds.

11 Martin Ravallion, Pro Poor Growth A Primer , World Bank Policy Research Paper, March 2004.

CGAP has also collaborated on World Bank projects in several countries to leverage the Bank s ability to create enabling policy environments.

Welcomes the proposal made by the WTO during the meeting of policy dialogue between the WTO and the representatives of six major regional development banks, including IDB, which was held at the WTO Headquarters in Geneva, on 3 May 2003, that the regional development banks convene policy dialogues of trade and finance ministers at the regional level, to which the WTO and the World Bank may also be invited.

19 Craig Burnside and David Dollar, Aid, Policies and Growth, World Bank Working Paper, No. 1777 (Washington, D.C., World Bank, April 1997).

FINANCE, BANKING

Also, a national youth policy is being developed by the Government with the support of UNICEF and the World Bank.

The policies of the World Bank and the International Monetary Fund should be reviewed to ensure that they did not become political tools serving the interests of the latter countries.

The approach of the World Bank to corruption issues is coordinated by the Operations Policy Department. The Department is responsible for ensuring consistency in operational policy and processes of the World Bank and is also the central reference point for governance and public sector management.

Similarly, the more that recovery and sustained growth strengthen banks balance sheets, the less urgency policymakers feel to address structural shortcomings, such as the implicit guarantees enjoyed by state banks and municipal savings banks in Germany, and the problems of family controlled banks like Banco Espirito Santo in Portugal.

NEW YORK The recent decision by the Bank of Japan to increase the scope of its quantitative easing is a signal that another round of currency wars may be under way. The BOJ s effort to weaken the yen is a beggar thy neighbor approach that is inducing policy reactions throughout Asia and around the world.

In particular, last year, the State Bank of Viet Nam fulfilled the questionnaire of IMF and ADB on Viet Nam's policies and institutions against money laundering and anti terrorism financing.

(c) Côte d Ivoire FAO is involved in the preparation of an environmental information policy with the World Bank

The IDB, in coordination with the IMF and the World Bank, has also been providing policy based loans and technical assistance for key reforms and for anti corruption initiatives.

(d) Financial reforms to encourage employment creation should cover banking, the non bank financial sector, monetary policy, financial openness and the institutional environment.

Indeed, from the Bank of Japan s dramatic policy U turn to the Bank of Mexico s surprise interest rate cuts, the Fed s approach is affecting central banks in a growing number of countries. Pushed further away from best case scenarios, they are unable to ignore the global liquidity impact of the Fed s policies, yet they lack the right policy tools to address it.

Worse, the Bank typically demanded myriad conditions in return for assistance, an approach that undermined democratic processes and domestic ownership of policies, thereby enervating their effectiveness. When Bank research showed that conditionality did not work, the Bank under Wolfensohn moved away from it.

Iceland is changing housing policies to increase the participation of the general banking system in housing loans.

(c) Côte d Ivoire FAO is involved in the preparation of an environmental information policy with the World Bank

It was also hoped that the United Nations human rights programme would assist in incorporating a human rights component in World Bank policies.

The second component of the collective bet the avoidance of policy mistakes is similarly tenuous. The fundamental assumption here is that the untested, unconventional policies adopted by central banks, particularly in advanced countries, to repress financial volatility and maintain economic stability will buy enough time for governments to design and deliver a more suitable and comprehensive policy response.

The Volcker rule, whereby commercial banks would be barred from trading on their own account, and from owning hedge funds and private equity firms, languishes in Congress. In the UK, an Independent Commission on Banking, headed by Sir John Vickers, rejected separation of retail from investment banking, recommending instead ring fencing deposits from the investment arms of universal banks.

Deprived of funds that had already been committed and expected, Haiti fell into arrears on money owed for loan repayment, triggering IDB policies that prevented the Bank from releasing loans. In subsequent years, the US employed additional delaying tactics, working with the IDB to move the goal posts whenever Haiti appeared to be meeting their demands.

Depositors in the Bank had demanded that the Government guarantee full repayment of their deposits.6

NEW HAVEN In economic policy, as in most other areas, actions speak louder than words. By cutting its benchmark policy interest rates on November 21, the People s Bank of China (PBOC) has underscored the tactical focus of the government s stabilization policy, which aims to put a floor of around 7 on GDP growth.

What followed was a seven year play for extra time. The initial approach was to link policy improvements in the borrowing countries not only with help from international institutions, but also with additional lending from the banks  which seemed to defy the most elementary canons of sensible bank behavior.

What followed was a seven year play for extra time. The initial approach was to link policy improvements in the borrowing countries not only with help from international institutions, but also with additional lending from the banks which seemed to defy the most elementary canons of sensible bank behavior.

Previous positions include Director, International Tax Relations, Tax Policy Department Director, Tax Department, Italian Banking Association and Economic Adviser to the Minister of Finance for international tax policy and financial tax issues.

So, if the PBOC sets the interest rate on one year deposits at 3 , commercial banks can offer depositors a rate as high as 3.3 . Many analysts viewed this policy, which introduced a small degree of previously non existent competition among commercial banks, as a sign that China would soon liberalize interest rates further.

The Bank's draft policy was open for comments and concerns before its final adoption by the Board.

As the Central Bank of the country, the Bank of Zambia administered the Bank of Zambia and Foreign Exchange Acts and assisted the Government in regulating and supervising the operations of the Commercial Banks under the Banking Act.

Moreover, as suggested at informal sessions, the Procurement Division has also contacted the World Bank, which has advised that it, too, does not have such a policy of providing preferential treatment in its procurement practices.

A European banking agency would break up the incestuous relationship between banks and regulators that was at the root of the excesses that fueled the current crisis. And it would interfere much less with national sovereignty than would the subordination of fiscal policies to an EU or eurozone wide authority.

The Inter American Development Bank (IADB) discussed the evolution of its policies that contained elements of free, prior and informed consent, including its resettlement policy, which recognized the customary rights of indigenous peoples and their informed consent.

Other organizations following a different policy approach, such as the World Bank and the International Monetary Fund, also had an important role.