reforming the bank-1 › ~webfac › eichengreen › e183... · criticism of the bank Ł the bank...
TRANSCRIPT
Ref
orm
ing
the
Wor
ld
Ban
k
Orig
ins o
f the
Ban
k
�All
of u
s hav
e se
en th
e gr
eat e
cono
mic
tra
gedy
of o
ur ti
me.
We
saw
the
wor
ldw
ide
depr
essi
on o
f the
193
0s.
We
saw
cur
renc
y di
sord
ers d
evel
op a
nd sp
read
from
land
to
land
�W
e sa
w u
nem
ploy
men
t and
w
retc
hedn
ess�
We
saw
bew
ilder
men
t and
bi
ttern
ess b
ecom
e th
e br
eede
rs o
f fas
cism
, an
d, fi
nally
, of w
ar.�
Hen
ryM
orge
ntha
uTr
easu
rySe
cret
ary
Orig
ins o
f the
Ban
k�
In o
rder
to p
reve
nt th
e �u
nem
ploy
men
t and
wre
tche
dnes
s�th
at
plag
ued
his g
ener
atio
n, M
orge
ntha
u ap
poin
ted
Har
ry D
exte
r Whi
te to
de
sign
the
post
-war
eco
nom
ic o
rder
�Fi
rst i
ncar
natio
n of
the
Wor
ld B
ank
was
the
�Ban
k fo
r the
R
econ
stru
ctio
n of
the
Uni
ted
and
Ass
ocia
ted
Nat
ions
,�m
akin
g no
di
rect
refe
renc
e to
glo
bal p
over
ty�
In Ju
ly 1
944,
del
egat
es fr
om a
ll of
the
45 A
llied
nat
ions
dur
ing
WW
II
atte
nded
the
Bre
tton
Woo
ds C
onfe
renc
e, w
hich
led
to th
e cr
eatio
nof
th
e IM
F, th
e In
tern
atio
nal B
ank
for R
econ
stru
ctio
n an
d D
evel
opm
ent,
and
the
Gen
eral
Agr
eem
ent o
n Ta
riffs
and
Tra
de�
The
Ban
k�s i
nitia
l pur
pose
was
the
reco
nstru
ctio
n of
Eur
ope
Stru
ctur
e an
d Pu
rpos
e�
Cur
rent
ly c
ompo
sed
of fi
ve d
istin
ct b
ut re
late
d in
stitu
tions
: the
In
tern
atio
nal B
ank
for R
econ
stru
ctio
n an
d D
evel
opm
ent (
IBR
D),
the
Inte
rnat
iona
l Dev
elop
men
t Ass
ocia
tion
(ID
A),
the
Inte
rnat
iona
l Fi
nanc
e C
orpo
ratio
n (I
FC),
the
Mul
tilat
eral
Inve
stm
ent G
uara
ntee
Age
ncy
(MIG
A),
and
the
Inte
rnat
iona
l Cen
ter f
or S
ettle
men
t of
Inve
stm
ent D
ispu
tes (
ICSI
D)
�
Pres
iden
t app
oint
ed b
y U
nite
d St
ates
Pre
side
nt (c
urre
ntly
Pau
l W
olfo
witz
)�
Focu
s has
shift
ed fr
om re
cons
truct
ion
to d
evel
opm
ent;
at th
e he
adqu
arte
rs in
Was
hing
ton,
a si
gn re
ads,
�Our
Dre
am is
a W
orld
Fre
e of
Pov
erty
.�
Crit
icis
m o
f the
Ban
k�
The
Ban
k ha
s rec
eive
d cr
itici
sm fr
om a
ll po
litic
al c
amps
, fo
cusi
ng o
n th
ree
mai
n is
sues
1) la
ck o
f rel
evan
ce: i
n a
wor
ld w
ith fr
ee c
apita
l ac
coun
ts, t
he B
ank
is u
nnee
ded
2) la
ck o
f eff
ectiv
enes
s: th
e B
ank�
s pov
erty
redu
cing
pr
ojec
ts h
ave
been
poo
rly d
esig
ned
and
impl
emen
ted,
ex
acer
batin
g, ra
ther
than
alle
viat
ing,
pov
erty
3) la
ck o
f acc
ount
abili
ty: t
he B
ank,
whi
ch re
ceiv
es
mos
t of i
ts fu
ndin
g fr
om th
e de
velo
ped
wor
ld, l
acks
pro
per
over
sigh
t and
acc
ount
abili
ty
Is th
e B
ank
Irre
leva
nt?
�M
uch
of th
e cr
itici
sm a
roun
d th
e B
ank�
s rel
evan
ce e
mph
asiz
es th
at
Mid
dle
Inco
me
Cou
ntrie
s hav
e be
en c
onsi
sten
tly b
orro
win
g le
ss fr
om
the
Ban
k, su
gges
ting
that
they
are
subs
titut
ing
to p
rivat
e ca
pita
l m
arke
ts�
Lerr
ick
sugg
ests
that
net
loan
flow
s hav
e sh
ifted
$30
bill
ion
inth
e la
st
seve
n ye
ars (
inst
ead
of b
orro
win
g $1
4 bi
llion
from
the
bank
in 1
999-
2002
, MIC
s rep
aid
the
Ban
k a
tota
l of $
15 b
illio
n in
200
3-20
05)
�D
e Fe
rran
ti is
mor
e ca
utio
us, s
ugge
stin
g th
at c
ritic
s use
bia
sed
anal
ytic
al te
chni
ques
to e
xagg
erat
e th
e B
ank�
s dim
inis
hing
re
latio
nshi
p w
ith M
ICs (
for e
xam
ple,
star
ting
with
dat
a fr
om a
n at
ypic
al b
ase,
igno
ring
pre-
paym
ent o
f old
er lo
ans,
etc.
) �
Wha
t do
you
thin
k?
8
Expl
anat
ions
for t
he D
ecre
ased
Bor
row
ing
�Th
e cr
eatio
n of
ope
n ca
pita
l acc
ount
s has
led
to a
switc
h aw
ay fr
om B
ank
loan
s to
priv
ate
mar
kets
�
Fina
ncia
l vol
atili
ty a
nd th
e th
reat
of c
risis
has
mad
e in
vest
ors m
ore
prud
ent,
has d
ecre
ased
the
acce
ptab
le d
ebt-
to-G
DP
ratio
�H
assl
e co
sts a
ssoc
iate
d w
ith B
ank
loan
s, su
ch a
s en
viro
nmen
tal a
nd h
uman
righ
ts p
rote
ctio
ns, m
ake
it ex
ceed
ingl
y di
ffic
ult t
o bo
rrow
mon
ey�
The
Ban
k�s n
atio
nal s
over
eign
ty g
uara
ntee
on
its lo
ans
limits
pro
duct
div
ersi
ty, a
s wel
l as t
he v
iabl
e ac
tors
el
igib
le to
rece
ive
loan
s
Mor
e Pr
uden
t Inv
esto
r Beh
avio
r
�Th
ough
rece
nt fi
nanc
ial c
rises
hav
e m
ade
inve
stor
s mor
e ca
utio
us w
hen
accr
uing
fo
reig
n re
serv
es, t
hat c
anno
t exp
lain
why
ne
t cap
ital f
low
s to
emer
ging
mar
kets
are
no
w n
egat
ive
�So
me
of th
is, t
hen,
can
be
expl
aine
d by
�g
radu
atio
n,�
in w
hich
cou
ntrie
s can
switc
h to
priv
ate
capi
tal m
arke
ts fo
r the
ir fin
anci
al
reso
urce
s
11
Has
sle
Cos
ts
�Lo
ng ti
me
laps
e be
twee
n in
itiat
ing
a lo
an
requ
est a
nd h
avin
g it
appr
oved
�A
dmin
istra
tive
burd
en o
f pre
parin
g,
nego
tiatin
g, a
nd im
plem
entin
g B
ank-
fund
ed
proj
ects
�Fi
nanc
ial c
osts
of d
ealin
g w
ith B
ank
requ
irem
ents
to m
eet e
nviro
nmen
tal a
nd
othe
r sta
ndar
ds in
pro
ject
impl
emen
tatio
n11
Has
sle
Cos
ts�
The
Ban
k is
ofte
n un
der f
ire fr
om si
ngle
-issu
e N
GO
s �
In 2
003,
the
Ban
k w
as p
lann
ing
to b
uild
a d
am n
ear B
ujag
ali
falls
, at t
he m
outh
of t
he N
ile in
Uga
nda
�In
tern
atio
nal R
iver
s Net
wor
k, a
Ber
kele
y-ba
sed
NG
O d
edic
ated
to
pre
vent
ing
�dam
s and
the
deve
lopm
ent m
odel
they
repr
esen
t�re
sist
ed th
e da
m, d
elay
ing
its c
onst
ruct
ion
for m
any
year
s�
The
dam
, whi
ch W
olfo
witz
ple
dged
to fu
nd in
200
5, w
ould
pr
ovid
e 25
0 M
egaw
atts
of e
lect
ricity
to U
gand
a�s e
nerg
y-st
arve
d ec
onom
y
�Th
e da
m w
as b
uilt,
and
was
a d
isas
ter,
cutti
ng o
ff to
o m
uch
flow
to th
e N
ile�
Wha
t do
you
thin
k?
13
Are
Has
sle
Cos
ts N
eces
sary
?�
Are
such
�sa
fegu
ard�
cost
s--in
clud
ing
envi
ronm
enta
l and
hum
an ri
ghts
con
cern
s--
reas
onab
le, o
r exc
essi
vely
bur
dens
ome?
�Sh
ould
the
Ban
k ad
here
to th
e re
gula
tions
of
bor
row
ing
gove
rnm
ents
or a
ctiv
ist
NG
Os?
�H
ow c
an th
e B
ank
prom
ote
prud
ent,
envi
ronm
enta
lly so
und
polic
ies w
hile
de
crea
sing
cos
ts?
13
14
Div
ersi
fyin
g Fi
nanc
ial P
rodu
cts
�A
ll B
ank
loan
s req
uire
a so
vere
ign
guar
ante
e�
Som
e ne
w a
ppro
ache
s mig
ht in
clud
e: R
isk
man
agem
ent p
rodu
cts;
loan
s in
loca
l cu
rren
cies
; bor
row
in a
synt
hetic
uni
t (si
mila
r to
the
IMF�
s Spe
cial
Dra
win
g R
ight
s);
rem
ove
the
sove
reig
n gu
aran
tee
�C
reat
e a
new
loan
pro
duct
that
wou
ld li
mit
hass
le c
osts
for b
orro
wer
s with
pre
viou
sly
good
per
form
ance
14
15
Oth
er S
ugge
stio
ns (f
rom
the
CG
D
Rep
ort)
�
Intro
duci
ng d
iffer
entia
l pric
ing
amon
g IB
RD
bor
row
ers,
enco
urag
ing
�gra
duat
ion�
�Si
mila
rly, r
educ
e tra
nsac
tion
cost
s for
bo
rrow
ers w
ith h
ighe
r cre
dit r
atin
gs�
Enco
urag
e in
vest
men
t in
pro-
poor
pro
ject
s an
d gl
obal
pub
lic g
oods
thro
ugh
redu
ced
loan
cha
rges
on
thos
e tra
nsac
tions
15
16
Shou
ld th
e W
orld
Ban
k St
ill
Giv
e Lo
ans t
o M
ICs?
�C
GD
repo
rt ar
gues
that
mai
ntai
ning
fin
anci
al re
latio
nshi
ps w
ith M
ICs w
ill
ensu
re th
e B
ank�
s kno
wle
dge
base
in th
ose
coun
tries
�A
lso,
loan
s to
emer
ging
eco
nom
ies w
ill
prot
ect i
nfra
stru
ctur
e pr
ojec
ts w
hen
priv
ate
mar
kets
cra
sh�
2/3
of w
orld
poo
r liv
e in
MIC
s�
CG
D a
lso
sugg
ests
that
lend
ing
allo
ws t
he
Ban
kto
bein
volv
edin
polic
yan
d16
17
Are
Pol
icy/
Loan
Bun
dles
Ef
fect
ive?
�C
GD
Rep
ort:
lend
ing
with
pol
icy
atta
ched
al
low
s the
Ban
k to
fost
er g
loba
l gov
erna
nce
and
dem
ocra
cy, a
s wel
l as e
ncou
rage
the
impl
emen
tatio
n of
glo
bal p
ublic
goo
ds�
Dan
i Rod
rik: a
rgue
s tha
t aid
con
ditio
nalit
y is
not
a v
iabl
e m
eans
of i
mpl
emen
ting
econ
omic
refo
rm (u
sing
the
exam
ple
of th
e ca
shew
indu
stry
in M
ozam
biqu
e)
�
Wha
t do
you
thin
k?17
18
Is th
e B
ank
Alle
viat
ing
Pove
rty?
�Fr
om a
Ban
k-sp
onso
red
eval
uatio
n of
its a
ctiv
ities
in
Tanz
ania
: �Th
ere
are
cont
inui
ng g
aps b
etw
een
mic
ro-a
nd
mac
ro-e
cono
mic
pol
icy,
spec
ifica
lly in
rela
tion
to: (
1) th
e so
cial
and
pov
erty
impa
cts o
f mac
ro-e
cono
mic
and
st
ruct
ural
pol
icie
s; (2
) the
sour
ces o
f gro
wth
; (3)
the
polic
y im
pact
of a
ltern
ativ
e po
licy
and
stra
tegy
opt
ions
��
Will
iam
Eas
terly
: �Th
e fa
ct th
at [H
IPC
] cou
ld n
ot p
ay
back
zer
o in
tere
st lo
ans w
ith a
40-
year
mat
urity
is it
self
a co
mpl
etel
y co
mpe
lling
sign
that
stru
ctur
al a
djus
tmen
t le
ndin
g ha
d fa
iled�
18
19
Why
has
the
Pove
rty M
issi
on
Faile
d?
�Ea
ster
ly: �
mis
sion
cre
ep�-
-sin
ce it
s in
cept
ion,
the
Ban
k ha
s mov
ed fr
om
supp
ortin
g sp
ecifi
c pr
ojec
ts to
stru
ctur
al
adju
stm
ent,
and
now
to in
stitu
tion
build
ing
�B
road
enin
g th
e sc
ope
of th
e B
ank
mak
es it
in
crea
sing
ly d
iffic
ult t
o m
easu
re it
s ef
fect
iven
ess
19
20
Text
21
Som
e Po
tent
ial S
olut
ions
: Gra
nts
�Sw
itch
from
loan
s to
gran
ts�
Man
y B
ank
loan
s hav
e be
en u
sed
to p
ay o
ff
outs
tand
ing
debt
, rat
her t
han
stim
ulat
e gr
owth
�In
200
2, E
U a
nd U
S ag
reed
that
18-
21%
of
IDA
fund
s wou
ld b
e is
sued
as g
rant
s �
This
cre
ated
the
adm
inis
trativ
e pr
oble
m in
w
hich
gov
ernm
ents
rece
ived
som
e ai
d in
th
e fo
rm o
f gra
nts a
nd so
me
as lo
ans
22
Gra
nts (
cont
.)�
In M
arch
200
5, th
e B
ank
mad
e de
bt
sust
aina
bilit
y th
e ba
sis o
n w
hich
gra
nts w
ere
issu
ed�
Cre
ated
a m
oral
haz
ard
prob
lem
in w
hich
go
vern
men
ts w
ith p
rude
nt lo
an p
olic
ies a
re
pena
lized
and
cou
ntrie
s with
bad
deb
t hi
stor
ies a
re re
war
ded
�A
lso
incr
ease
s the
Ban
k�s a
dmin
istra
tive
syst
em, a
s it m
ust e
valu
ate
each
cou
ntry
�s
abili
ty to
pay
22
23
Gra
nts
�C
GD
repo
rt: b
ase
gran
t fin
anci
ng o
n co
untry
inco
me
�C
reat
e a
fully
gra
nt-b
ased
win
dow
for
coun
tries
with
ver
y lo
w p
er-c
apita
inco
mes
(le
ss th
an $
500)
�
This
will
, in
a se
nse,
prim
e th
e pu
mp
for
larg
er in
vest
men
ts in
thes
e co
untri
es
23
24
Som
e So
lutio
ns: G
loba
l Pub
lic
Goo
ds�
Exam
ples
: ene
rgy
cons
erva
tion
and
glob
al
war
min
g, d
isea
se e
radi
catio
n,
com
mun
icat
ion
tech
nolo
gies
�Fu
ll va
lue
of G
PGs i
s not
refle
cted
in th
e ut
ility
func
tion
of a
giv
en c
ount
ry; t
hus t
he
ince
ntiv
es fo
r a g
loba
l con
sens
us to
take
on
thes
e is
sues
are
stro
nger
than
any
giv
en
coun
try
24
25
Som
e G
loba
l Pub
lic G
oods
�
Mic
hael
Kre
mer
sugg
ests
that
the
Ban
k sh
ould
focu
s on
the
follo
win
g fo
ur g
loba
l pu
blic
goo
ds:
�te
chno
logi
es fo
r the
poo
r, sp
ecifi
cally
rela
ted
to
heal
th a
nd a
gric
ultu
re�
deve
lopm
ent o
f a k
now
ledg
e ba
se th
at a
ddre
sses
th
e im
pact
s of p
ublic
pol
icie
s on
the
poor
�A
fric
an ro
ad n
etw
ork
�R
efug
ee su
ppor
t by
givi
ng fi
nanc
ial s
uppo
rt to
co
untri
es w
illin
g to
acc
ept r
efug
ees
25
26
A G
loba
l Pub
lic G
ood
Trus
t Fu
nd?
�Th
e C
GD
repo
rt su
gges
ts th
at th
e cr
eatio
n of
a tr
ust f
und
to a
lloca
te c
apita
l to
proj
ects
re
late
d to
glo
bal p
ublic
goo
ds w
ould
hel
p co
ordi
natio
n�
The
fund
wou
ld b
e un
derw
ritte
n by
ea
rmar
ked
dona
tions
from
don
or c
ount
ries,
allo
catio
ns o
f Ban
k pr
ofits
, whi
ch w
ould
in
crea
se a
s has
sle
cost
s dec
reas
e �
Cou
ld th
is w
ork?
26
27
Glo
bal P
ublic
Goo
ds a
nd G
rant
s
�Th
e B
ank�
s tra
ditio
nal t
ool o
f off
erin
g lo
ans
to g
over
nmen
ts is
not
eff
ectiv
e in
the
cont
ext o
f glo
bal p
robl
ems,
as g
over
nmen
ts
will
not
be
will
ing
to p
ay lo
ans b
ack
on
proj
ects
that
ben
efit
them
littl
e�
Thus
, inc
reas
ing
the
amou
nt o
f gra
nt m
oney
th
e B
ank
issu
es w
ill in
crea
se it
s leg
itim
acy
in te
rms o
f glo
bal p
ublic
goo
ds
28
Is th
e B
ank
Illeg
itim
ate?
�Our
fath
er w
ho a
rt in
Was
hing
ton
�Whi
rled
Ban
k be
thy
nam
e.�T
hy k
ingd
om c
ome,
thy
will
be
done
, �o
r els
e, th
ere'l
l be
no m
ore
lend
ing.
�Giv
e us
this
day
our
trip
le A
cre
dit r
atin
g,
and
forg
ive
us o
ur p
ast l
oans
, as
we
rem
ove
all b
arrie
rs to
inve
stm
ent.
�Our
eco
nom
y is
you
r eco
nom
y,yo
ur e
cono
my
is o
ur e
cono
my,
we
are
all o
ne,
glob
ally
inte
grat
ed,
fore
ver a
nd e
ver.
�Amen
29
Vot
es�
Vot
es p
ropo
rtion
al to
size
of s
hare
�no
long
er a
dequ
atel
y re
pres
ents
bor
row
ing
coun
tries
�fo
r exa
mpl
e, S
ub-S
ahar
an A
fric
a re
pres
ents
27
% o
f all
mem
ber c
ount
ries,
but r
ecei
ves 8
%
of v
otes
�W
ould
incr
easi
ng th
e nu
mbe
r of v
otes
that
bo
rrow
ing
coun
tries
enj
oy d
isco
urag
e ric
h co
untri
es fr
om c
ontri
butin
g to
the
bank
?
30
Gov
erna
nce
�Su
gges
tions
from
the
CG
D re
port:
�Tr
ansp
aren
cy in
sele
ctin
g th
e W
orld
Ban
k pr
esid
ent
�es
tabl
ish
two
mor
e se
ats f
or A
fric
an c
ount
ries
�ca
rry
out a
pub
lic a
sses
smen
t of v
ote
allo
catio
ns a
nd o
ther
gov
erna
nce
issu
es�
Com
mis
sion
a re
view
of t
he b
oard
to a
ddre
ss
the
budg
et a
nd e
ffec
tiven
ess
�A
re th
ese
refo
rms s
atis
fact
ory?
30
31
Gov
erna
nce
�So
me
sugg
estio
ns fr
om M
asoo
d A
hmed
: �
vigo
rous
ly p
ursu
e di
sclo
sure
of c
ount
ry
polic
ies
�de
cent
raliz
atio
n of
pol
icy
optio
ns to
the
coun
try le
vel
�re
form
fund
ing
sour
ces,
away
from
ad
hoc,
pr
ojec
t-spe
cific
trus
t fun
ds (o
ne w
ay to
do
this
w
ould
be
to c
reat
e a
larg
e fu
nd fo
r glo
bal
publ
ic g
oods
)�
Inde
pend
ent e
valu
atio
n31
32
Res
earc
h�
Ban
k co
nsid
ers i
tsel
f a k
now
ledg
e ba
nk�
Of t
heir
10,0
00 p
erso
n st
aff,
77 w
ork
as fu
ll tim
e re
sear
cher
s in
the
econ
omic
s de
partm
ent
�Pr
oble
m o
f bia
s�
for e
xam
ple,
follo
win
g cr
itici
sm o
f the
Ban
k in
th
e 19
90s,
it pu
blis
hed
seve
ral r
epor
ts la
udin
g th
e ef
fect
s of a
id o
n ec
onom
ic g
row
th
incl
udin
g on
e by
Bur
nsid
e an
d D
olla
r tha
t pr
oved
show
wea
k re
sults
33
Bur
nsid
e an
d D
olla
r�
Arg
ues t
hat a
id is
goo
d fo
r gro
wth
und
er
certa
in p
olic
y co
nditi
ons
�74
3 C
ites i
n G
oogl
e Sc
hola
r�
Use
s ind
ex o
f pol
icy
that
com
bine
s the
go
vern
men
t sur
plus
, the
infla
tion
rate
, and
an
ope
nnes
s mea
sure
, whi
ch a
re n
ot d
irect
po
licie
s, bu
t out
com
es�
Fails
to a
ccou
nt fo
r cau
salit
y is
sues
(i.e
. aid
is
not
onl
y de
term
ined
by
econ
omic
pe
rfor
man
cebu
tdet
erm
ines
it)33
34
Kno
wle
dge
Ban
k?�
A re
view
of W
orld
Ban
k re
sear
ch c
haire
d by
A
ngus
Dea
ton
argu
es th
at re
sear
ch a
t the
Ban
k is
fund
amen
tally
diff
eren
t tha
n ac
adem
ic
rese
arch
�fin
ding
s are
exp
ecte
d to
be
dire
ctly
app
lied
to
oper
atio
ns�
Supe
riors
feel
pre
ssur
e fr
om th
e pr
esid
ent a
nd
boar
d to
ens
ure
that
rese
arch
adh
eres
to p
olic
y lin
e�
stro
ng re
latio
nshi
ps w
ith d
onor
cou
ntrie
s mak
es it
di
ffic
ult t
o pu
blis
h in
form
atio
n po
tent
ially
de
trim
enta
l to
thei
r sta
ndin
g
34
35
Som
e So
lutio
ns�
Fost
er re
latio
nshi
ps w
ith a
cade
mic
rese
arch
ers
�In
tegr
ate
rese
arch
ers f
rom
dev
elop
ing
coun
tries
into
B
ank
staf
f�
Invo
lve
rese
arch
staf
f mor
e di
rect
ly in
pro
ject
pl
anni
ng�
Fund
rese
arch
at t
he B
ank
with
an
endo
wm
ent,
insu
latin
g it
from
inst
itutio
nal p
ress
ures
from
the
boar
d an
d pr
esid
ent
�M
aint
ain
chec
ks a
nd b
alan
ces;
avo
id m
akin
g st
rong
cl
aim
s abo
ut w
eak
rese
arch
that
supp
orts
Ban
k po
licy
36
Con
clus
ions
�Th
e W
orld
Ban
k ne
eds r
efor
m!
�N
gaire
Woo
ds o
utlin
es th
ree
mod
els t
he
Ban
k co
uld
take
�Th
e kn
owle
dge
bank
: doe
s the
Wor
ld B
ank
play
a u
niqu
e ro
le in
th
e co
llect
ion
and
diss
emin
atio
n of
kno
wle
dge?
�Th
e lis
teni
ng b
ank:
is th
e B
ank
uniq
uely
pla
ced
to fu
lfill
the
need
s of
its m
embe
r cou
ntrie
s or i
s it i
nter
ferin
g w
ith o
ther
ope
ratio
ns
(by
the
UN
and
regi
onal
ban
ks, f
or e
xam
ple)
?�
The
dam
s and
irrig
atio
n ba
nk: s
houl
d th
e B
ank
adhe
re to
its i
nitia
l m
anda
te to
dev
elop
infr
astru
ctur
e an
d gr
owth
, or i
s thi
s an
outd
ated
dev
elop
men
t mod
el?
36
37
Con
clus
ions
�In
the
pres
ence
of p
rivat
e ca
pita
l, th
e B
ank
is in
crea
sing
ly ir
rele
vant
as a
don
or�
The
pove
rty m
issi
on h
as h
eret
ofor
e be
en
carr
ied
out i
n an
ad
hoc
man
ner,
rely
ing
too
heav
ily o
n th
e ne
o-lib
eral
par
adig
m�
Rep
rese
ntat
ion
at th
e bo
ard
mut
es th
e vo
ices
of t
he p
oor-
-thos
e th
at th
e B
ank
clai
ms t
o se
rve
37
38
Con
clus
ions
�Fo
cus o
n tw
o th
ings
�G
rant
s: th
e B
ank
is st
ill re
leva
nt a
s a
deve
lopm
ent i
nstit
utio
n; in
crea
sing
smal
l gr
ants
cou
ld se
rve
man
y of
the
wor
ld�s
poo
rest
�G
loba
l Pub
lic G
oods
: inc
reas
ingl
y, c
ount
ry
prob
lem
s are
bec
omin
g gl
obal
; by
spea
rhea
ding
pro
ject
s on
clim
ate
chan
ge a
nd
dise
ase
erad
icat
ion,
the
Ban
k co
uld
pave
the
way
for a
new
glo
bal g
over
nanc
e sy
stem
38