In mid September, the Basel Committee on Banking Supervision (see Update 63) released its “Basel III” rules. José Vinals, director of the IMF’s monetary and capital markets department praised the regulations as “a substantial step forward in addressing the micro-prudential failings in the areas of capital and liquidity buffers in banks”. However, independent commentators disagreed. Martin Wolf of the Financial Times says that “Basel has laboured mightily and brought forth a mouse. Needless to say, the banking industry will insist the mouse is a tiger.” He adds that trebling of capital reserves “sounds tough”, but “trebling almost nothing does not give one very much.”
The IMF and the World Bank are increasingly engaged with the challenge of addressing how tax avoidance and evasion affect developing countries, but need to address the role played by multinational enterprises and tax havens in exacerbating inequality and undermining countries’ domestic revenues.
The Bretton Woods Project has published a new briefing providing a critical analysis of the IMF's latest work on gender equality. The briefing questions the sustainability of the Fund's new approach to gender equality and reveals that the Fund's analysis so far is limited and inconsistent with the full achievement of women's economic empowerment.
Donate to the Bretton Woods Project
The Bretton Woods Project is an ActionAid hosted project (UK registered charity no. 274467).