Quarterly Bulletin
Spring 2012
Events Examine Future of the Dollar, IMF Lending
On March 6, the Committee brought 21 members together with senior IMF and U.S. Treasury officials to evaluate the IMF's new crisis lending toolkit.
Participants shared their views on whether these instruments will effectively meet members' needs and what other issues the Fund might consider to strengthen the global financial safety nets. Read the Meeting Summary>>
On February 23, 80 participants from across the academic, political, and financial sectors gathered in New York to discuss the Future of the Dollar and the International Monetary System.
Presenters Linda Goldberg, Vice President, Federal Reserve Bank of New York (above), Mansoor Dailami, Manager, Emerging Global Trends, World Bank, and Gabriel de Kock, Head of US FX Strategy, Morgan Stanley, outlined what short-term and long-term changes are expected for the dollar and for other currencies, as well as the likely domestic and global repercussions. Read the Summary and View the Presentations>>
Committee Crafts 3-Year Strategic Plan
In Fall 2011, the Committee decided to review its mission, vision, and goals to ensure the continued success of the organization in a rapidly changing environment.
From October 31 - November 15, the Committee administered a survey to gather members’ feedback and conducted one-on-one interviews with members and allies. On December 16, it hosted a small group discussion among members from a range of professional sectors. Based on the feedback gathered during these conversations, the Committee identified four overarching goals:
- Goal 1: Foster a Community Conversation
- Goal 2: Build an Understanding of the Value of International Economic Cooperation through the Bretton Woods Institutions
- Goal 3: Evaluate and Advance the Effectiveness of the Bretton Woods Institutions, and
- Goal 4: Strengthen Organizational Resources.
These goals and detailed objectives were presented to the Committee’s leadership on January 25, 2012 and confirmed as the direction for the Committee for the next three years.
Legislative Update by Bill Frymoyer, Stewart and Stewart
In December, 2011, the U.S. Congress enacted a 26% increase in multilateral development bank (MDB) funding in the FY2012 Omnibus Appropriations Bill. The bi-partisan, bi-cameral legislation was signed on December 23 by President Obama. This increase was a significant achievement, and a victory for MDB advocates like the Bretton Woods Committee, in extremely tight times for the federal budget.
In its FY2012 budget, the Obama Administration requested $3.144 billion in funding for the MDBs - a 61% increase over the $1.948 billion FY2011 Appropriation to these institutions. Most of the requested increases were General Capital Increases (GCIs), including first year installments for the Inter-American Development Bank, International Bank for Reconstruction and Development, and African Development Bank. Final funding provided by the Congress was $2.447 billion in an Omnibus Appropriations Bill.
The FY13 Obama Administration Budget contains requests to continue GCIs at the International Bank for Reconstruction and Development, Inter-American Development Bank, Asian Development Bank, and African Development Bank. The request also includes $250 million for debt restructuring under the Highly Indebted Poor Countries framework. The request is a 2.6% increase to $2.511 billion.
Zoellick Announces Departure from World Bank
Robert Zoellick became the eleventh President of the World Bank on July 1, 2007. On February 15, he announced he would step down from this position at the end of his term on June 30, 2012.
Mr. Zoellick’s tenure has been marked by major economic crises. He brought attention to the impact of the global recession and increase in world food prices on poorer countries, as the Bank provided more than $247 billion to assist developing countries in Asia, Africa, Latin America, and the Middle East with overcoming poverty and boosting economic growth. Mr. Zoellick also secured the first capital increase for the World Bank in more than 20 years, with over half of the new capital coming from developing countries.
Mr. Zoellick successfully enhanced public access to the World Bank’s data archives through the Access to Information Policy and Open Data Initiative, which improved access to processes, projects, and data and increased the overall accountability and transparency of the World Bank. He also emphasized diversity in the Bank’s management team. During his tenure - and for the first time in the history of the World Bank - all of the Bank’s Managing Directors and Chief Economist were at one time from the developing world and more than 50% of senior World Bank officers were women.
His successor has yet to be named.
2012 Annual Meeting
Join Us!
From Vicious to Virtuous: The Cycle of Debt, Growth, and Stability
May 17, 2012
9:00 a.m. - 2:00 p.m.
World Bank Headquarters
Washington DC
The 2012 Annual Meeting will examine the important interconnectivity between debt, stability, and economic growth; assess how this cycle is being managed regionally and among countries of systemic importance; and, discuss options for intervening across these elements.
Christine Lagarde, Managing Director of the International Monetary Fund, and Robert Zoellick, President of the World Bank Group, have already confirmed that they will participate; and we expect many other prominent speakers to join the Meeting, as well.
The Bretton Woods Committee
1726 M Street, NW, Suite 200, Washington DC 20036
P: 202-331-1616 F: 202-785-9423 www.brettonwoods.org
