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.
Those who don't outright deny the existence of human-caused global warming often argue we can't or shouldn't do anything about it because it would be too costly. Take Prime Minister Stephen Harper, who recently said, "No matter what they say, no country is going to take actions that are going to deliberately destroy jobs and growth in their country." But in failing to act on global warming, many leaders are putting jobs and economic prosperity at risk, according to recent studies.
The years since the Arusha Accords ended the slaughter have been trying, as Rwanda made a difficult transition to democracy. Paul Kagame was elected president in the country's first-ever democratically contested multi-party elections in August 2003. Kagame was re-elected in a landslide in 2010. He is such an effective leader because he hasn't lost touch with his people.
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?
When we talk about natural resources that can drive economic benefit the conversation usually turns to gas and minerals, or sun and wind. What if I were to tell you that the world's most underutilized and highest potential resource is all around us? She may be standing next to you, she may be in a village far away, she may even be you.
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.
At the IMF and World Bank Group annual meetings in Tokyo, the European economic crisis was never off the agenda and often took centre stage in panel discussions. In the streets of Athens, Madrid, and in cities of other fiscal adjusting European states, there is a real belief that this new economic reality will result in a lost generation.