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Taking the temperature of the financial world

James Bond's picture

Global attention is mounting about this year's Annual Meetings of the Bank and the Fund in Turkey. From Egypt, where I am on MIGA business on my way to Turkey, the discussion is around whether the meetings will advance the G20 communiqué in terms of substance and specific implementation measures.

Traffic in Instanbul, Turkey. Photo: Simone D. McCourtie / World Bank I spent two days earlier in the week with global private equity investors. Their anxiety mostly revolves around how financial sector regulation will evolve over the coming months. They feel the cold wind of oversight, and the discussion revolves around two competing plans for financial regulation, one emanating from Brussels and the other from Washington. But everyone accepts that an overhaul of financial sector regulation is the unfinished business from last year's financial crisis, even though views differ on the extent and content of the changes needed. My own concerns are whether the world's piecemeal international governance system will enable a coherent global regulatory structure to emerge from the wreckage of last year's financial meltdown.

In Istanbul I'm looking forward to taking the temperature of the financial world. I hope and expect the meetings to be more subdued than in past years, because we have some serious business to do; and many players who were around at the Singapore meetings are no longer with us (Lehman, Bear Stearns, Merrill, AIG...).

It's a new world.

Zoellick: Protection for most vulnerable must be permanent part of financial architecture

Angie Gentile's picture

World Bank President Robert B. Zoellick. 2009 Annual Meetings, Istanbul, Turkey. Photo credit: Simone D. McCourtie/World BankBank President Robert Zoellick told an overflowing room of journalists this morning that these annual meetings come at an important time for the work of the Bank Group and its members.

“The G-20 summit last week provided clear markers for the work of the World Bank. But more than 160 countries were not at the G-20 table,” he said. “These meetings can therefore ensure that the voices of the poorest are heard and recognized. This is the G-186.”

Zoellick began his remarks by expressing his sympathy for the people of Indonesia, the Philippines, Samoa and Tonga and others in the region, who have been battered by a series of cataclysmic natural disasters.

The Bank’s President told reporters that developing countries are still suffering from the global economic crisis, and it is important for the G20 to scale up support. He said the meetings offer a platform to follow up on the proposal for a crisis facility for low-income countries—critical to ensuring that protection for the most vulnerable becomes a permanent part of the world’s financial architecture.

Public service announcements showcase Bank’s work

Nina Vucenik's picture

Our work spans many fields of development—with the ultimate goal of helping poor people lift themselves out of poverty, improve their lives and, in general, have a chance at a more productive and fulfilling life.

Some key areas of our work focus on helping children get a good start in life by making sure they're healthy and can go to school, creating jobs opportunities for youth and working-age adults, and on a broader level enabling a country's economic growth.

Here are several public services announcements we prepared for the meetings. They’re being shown around the Istanbul Conference Center and are airing in news outlets around the world, including TRT, CNN Turk, and CNBC Europe.

Deserving the Chance to Succeed

Latin American performed better than other regions in crisis

Augusto de la Torre's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

The Latin American region is exiting financial crisis on a strong footing.

Video series documents Bank-supported projects in Turkey

Angie Gentile's picture

Over the next five days, the Bank will be featuring a series of video stories, documenting the challenges and results of projects aimed at addressing Turkey’s vulnerabilities to earthquakes, as well as issues related to health care, landfill environmental protection, small business growth, and women’s development.

Marwan Muasher, World Bank Senior Vice President for External Affairs, talks with Turkish NTV. Photo credit: Simone D. McCourtie/World BankToday’s feature showcases work being done by the Turkish government, with help from the World Bank, to protect the beautiful, ancient city of Istanbul and its inhabitants against the threat of earthquakes. See the video.

Speaking earlier today with Turkish NTV, Marwan Muasher, World Bank Senior Vice President for External Affairs, emphasized the Bank’s commitment to helping all countries work through the economic crisis. He added: “For Turkey in particular, we are focused on helping spur a recovery in domestic consumer demand, as well as job creation. Social protection is very important, to help safeguard those groups most vulnerable to the impact of the slowdown, particularly children and young workers.”

• Turkey: World Bank Country Brief 2009
• Ten Things to Know About the World Bank in Turkey
• Turkey and the World Bank: News and Events
• World Bank Projects and Programs in Turkey

Annual Meetings get underway

Angie Gentile's picture

Istanbul Congress Center. Photo credit: Simone D. McCourtie/World BankThe buzz is building in Istanbul, our beautiful host city, as delegates, press and CSOs from around the world begin pouring in for the 2009 joint Annual Meetings of the World Bank and IMF.

The press room opened Monday, providing temporary work quarters for the more than 1,200 registered media who are covering the events over the next week for news outlets large and small.

They are joined by representatives from civil society organizations here to take part in a Civil Society Policy Forum being held from October 2-7. The event is jointly organized by the World Bank Group and IMF civil society teams. The forum will bring together Bank and Fund staff, CSO representatives, including from Oxfam, Civicus and Africa Monitor, to name a few, along with government officials, academics, and others to exchange views on a variety of topics ranging from the global economic crisis and climate change, to governance reform. Bank President Robert B. Zoellick and Fund Managing Director Dominique Strauss-Kahn will co-host a CSO townhall meeting Friday afternoon.

Americas conference raises region’s expectations about its future

Carlos Molina's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

Government and business leaders attending the Americas Conference went home Wednesday with a renewed sense of accomplishment after devoting two intense days to tackling an ambitious yet urgent agenda for the region’s future.

The grand rooms of the historic Biltmore Hotel in Coral Gables still reverberate from the animated discussions that took place here amid the lush settings of Miami’s oldest city. These discussions will likely steer the debate on two of the most important issues facing the region: the global financial crisis and renewed threats to democracy in the region as embodied in the Honduran crisis.

Americas conference tackles Latin America's thorny Issues

Carlos Molina's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

The Americas Conference got off to a good start today after addressing two of the most pressing issues facing the region: the impact of the financial crisis, that has engulfed Latin America for more than a year, and the political impasse that is rocking democracy in Honduras.

A group of World Bank experts told the meeting of Government and business leaders that Latin America is turning the corner vis-a-vis the financial crisis -one of the region’s worst-, as some countries were already showing signs of an early recovery.

A Renewed Faith in Public Investment

Marcelo Giugale's picture

In the lead-up to the World Bank-IMF Annual Meetings, the Latin America and Caribbean Region VPU of the World Bank is co-hosting and attending the Americas Conference.

As the dust settles in Latin America in the wake of the global financial crisis, along with the tough challenges ahead for the economic recovery, there seem to be unique opportunities to improve our region’s long-term outlook.

I have no doubt that this important Miami Conference –where Latin America converges in many ways, cultural and economic- is the ideal place to bring these ideas to the table and kick off a fruitful debate.

Ask your question and join the debate on 'What Now? The World Beyond the Crisis'

Nina Vucenik's picture

How should the world look after the global financial and economic crisis?

A special high-level panel will discuss the world post the global economic crisis on Friday, October 2, in Istanbul during the Annual Meetings.

The panel will feature Robert B. Zoellick, Bank Group President; H. E. Sri Mulyani Indrawati, Minister of Finance, Indonesia; H.E. Mahmoud Mohieldin, Minister of Investment, Egypt; Ms. Eleni Gabre-Madhin, CEO, Ethiopian Commodity Exchange; and Professor Paul Collier, Department of Economics, University of Oxford.

The debate will be recorded on Friday, October 2, and will be broadcast over the next two days on France 24.

The panel is taking questions from people from around the world. If you have any questions for the panelists, you can ask them directly through Speak Out, our online chat, and we will pass them on.

 

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