Bank president Paul Wolfowitz initiated an external review of Bank systems of transparency, accountability, ethics and integrity at the end of July. The man chosen for the job is Robert Pozen, current chair of MFS investment and previously a visiting professor of economics at Harvard University. He will review the Bank’s systems in this area and advise Wolfowitz whether he believes any changes are needed to “improve effectiveness and ensure proper coordination”. The purpose of the review is to “clarify roles, ensure an efficient use of resources, and ascertain that there are no gaps”. Bank watchers worry that new gaps may be exactly what results after Pozen presents his report at the end of September.
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Last year BRICS' leaders agreed to launch a BRICS development bank. Whether this is considered positive depends in part what questions are being asked. Sameer Dossani of ActionAid International highlights the flaws in the World Bank and IMF, analyses whether a BRICS Bank could be different from these institutions and proposes what it should do and what it should look like.
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).