September 24, 2010

You need global voices in the World Bank and the IMF

Sir, Paulo Nogueira Batista writes that “Europe must make way for a modern IMF” September 24, and states that “Real reform of the Fund is a critical test of advanced countries´ willingness to adapt to a changed world”. It is impossible to argue against fewer chairs for Europe and more for the developing world, in both the IMF and the World Bank but, if we are really to adapt to a changed world, we would have to assign some chairs to actors that are not bound to territorial considerations… like migrant workers and multinational companies.

As one of the very few, or perhaps even the only Executive Director to have served at the World Bank without absolutely no political or public sector experience (2002-2004), I keep repeating that the party who is most lacking representation in the World Bank is the world at large... planet earth! And I have no idea how we intend to tackle global issues without global perspectives.

In fact a global not territory constrained Executive Director, would be a stronger voice arguing for the world to share the costs of protecting environmentally the Amazon, than what a Brazilian Director could ever be.