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Fixing the Financial Sector: Is the G20 Helping Developing Countries?

Jesse Griffiths

25 Jun 2015 14:54:19

Article also published in Heinrich Boell Stiftung's G20 and BRICS Update E-Newsletter.  The G20’s track record on financial sector reform is uninspiring, and its failure to tackle the major concerns of developing economies or make the global financial system less prone to crisis suggests it is time to start searching for a more effective and more legitimate successor.  The following three graphs tell us three important things about changes to the financial sector since the global economic crisis. The first graph, from an excellent paper by Yilmaz Akyüz, chief economist of the intergovernmental think tank, the South Centre, shows that financial assets (that they own overseas) and liabilities (that foreigners own in their countries) of emerging and developing economies ...
Last weekend, G20 Finance Ministers met in Turkey, and although the resulting communiqué covers a whole host of issues, it is becoming clear that two areas dominate in terms of actual work planned this year: infrastructure financing and financial ...
+Cercle de Coopération des ONG de développement

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World Bank’s content-free report shows need for a rethink of its policy on tax havens

Mathieu Vervynckt

08 May 2014 10:50:07

On 7 April, the World Bank Group published a report on the first year of implementation of its policy on the use of Offshore Financial Centres (OFCs) – commonly known as tax havens – in its private sector operations. The report, which comes after repeated calls from civil society organisations for a stronger policy, fails to include the necessary information to make a proper assessment of the Bank’s implementation efforts. Once again, it exposes the inadequacies of the current policy in terms of tackling tax evasion and avoidance.  The World Bank Group’s current policy, which was adopted in November 2011, requires its private sector lending arm, the International Finance Corporation (IFC), to report to its Board of Directors on the implementation of its policy towards OFCs. This ...
There was plenty of talking during the recent Spring Meetings of the World Bank and International Monetary Fund, but in the end there were few surprises. Eurodad joined other Civil Society Organisations (CSO) in once again challenging the institutions ...
The World Bank Independent Evaluation Group (IEG), the World Bank’s own internal watchdog, published an evaluation last month which assesses the World Bank Group’s targeted support to Small and Medium-Size Enterprises (SMEs) for the period 2006-2012. ...