The World Bank's ambitious goal to end poverty by 2030 requires large transformations in the global political economy so everyone has a chance for a better life. According to World Bank President, Jim Kim, defeating poverty requires a surmounting push from $131 billion dedicated to development, to a trillion dollars.
The BRICS countries have recently started a new bank called the New Development Bank. Starting with an initial capital base of US $50 billion that is predicted to increase to US $100 billion, the bank's responsibility will be to finance infrastructure needs in the BRICS countries as well as other developing countries.
Post-crisis regulatory reform efforts show that developing countries are rule takers and G7 countries are the rule makers. All this in spite of the fact that the epicentre of the international financial crisis occurred in developed countries. So why should many of the regulators and supervisors in developed countries claim to know best practices for developing countries?
At the IMF-World Bank meetings this past week, there were plenty of assessments of the state of the global economy that described the post-2008 recovery as anemic. Only a few went so far as to claim that the global economy is comatose. Yet, despite general agreement on the diagnosis, there was little consensus on how to solve the problem.