Yale Faculty Member Leads External Review of World Bank Group Reform
The World Bank Group yesterday released a report on modernizing its governance after an external review headed by Ernesto Zedillo, the Frederick Iseman ’74 Director of the Yale Center for the Study of Globalization and former president of Mexico.
The report, Repowering the World Bank for the 21st Century, provides a series of recommendations for governance reforms, strategy formulation, enhanced voice and participation, accountability, and restructuring of the World Bank Group’s governing bodies. The report commends the World Bank for expanding initiatives during the financial crisis and supports strengthening its financial capacity. The report points out that the world will expect more from the World Bank in the future and noted its vital contributions to human welfare.
Robert Zoellick, president of the World Bank Group, said “I want to thank President Zedillo and the commission for this valuable and timely input into our reform agenda. I requested this independent review by a highly respected and experienced set of individuals because I firmly believe that we can strengthen the good work of the World Bank Group by continuing to reform and improve.”
As part of the Yale Center for Globalization’s effort to connect the University and the policy world, Zedillo has served on a range of international commissions. The High-Level Commission on World Bank Group Governance has been one of a number of projects undertaken by the Yale center focusing on the crucial subject of global governance. In this case, the Yale center’s work supports Zoellick’s request to the commissioners, whom he appointed in October of 2008, to seek ways to better align World Bank governance with the realities of the 21st century.
Members of the Commission include:
- Ernesto Zedillo (Chair), the Frederick Iseman ’74 Director, Yale Center for the Study of Globalization; former president of Mexico
- Arminio Fraga, former president of the Central Bank of Brazil
- Rima Khalaf, former U.N. assistant secretary general, director of the Regional Bureau for Arab States at the United Nations Development Program, and former deputy prime minister of Jordan.
- John Kufuor, former president of Ghana
- Pascal Lamy, director general of the World Trade Organization
- Sadako Ogata, president of Japanese International Cooperation Agency and former United Nations high commissioner for refugees
- John F.W. Rogers, secretary to the board, Goldman Sachs
- Herman Wijffels, former World Bank executive director and former chair of the Board of Rabobank
- Montek Singh Ahluwalia, deputy chair of the Planning Commission, India
- Shriti Vadera, minister for economic competitiveness and small business and former parliamentary under-secretary of state in the Department for International Development, United Kingdom
- Zhou Xiaochuan, governor of the People’s Bank of China
The report, Repowering the World Bank for the 21st Century, can be found on the website of the Yale Center for the Study of Globalization (www.ycsg.yale.edu) or on the World Bank’s website (www.worldbank.org).
The Yale Center for the Study of Globalization is devoted to examining the impact of our increasingly integrated world on individuals, communities, and nations. The center aims to bridge the gap between the worlds of academia and public policy and is particularly focused on practical policies to enable the world’s poorest and weakest citizens to share in the benefits brought by globalization.