The Bank of the South: An Alternative to the IFIs?
In early June, the Bank of the South moved a step closer to becoming a reality as the Ministers of Finance of Venezuela, Argentina, Paraguay, Brazil, Ecuador and Bolivia met in Buenos Aires to discuss its founding constitution. In addition to functioning as a development bank and a source of stabilization funds, the Bank is seen as a precursor to a regional monetary system. Just as significant is the Bank of the South’s role as an alternative to the World Bank and IMF, whose policies in Latin America have faced substantial regional criticism. In this respect, the Bank is seen as a valuable mechanism for re-asserting Latin America’s economic independence and political sovereignty.
Ms. Janet West
Director, Export Credit Secretariat
2, rue André Pascal
75775 Paris Cedex 16
Fax 01 44 30 61 58
Thank you for your letter of 6 April 2007 with the attached copy of the nearly final discussion draft of the revised Recommendation on Common Approaches on Environment and Officially Supported Export Credits.
Over the past 17 months we have engaged in good faith with the Secretariat and members of the Export Credit Working Group on this matter.
Report seeks penalties against unethical Canadian mining operations abroad
OTTAWA (CP) _ Canadian mining and oil companies should have their government financing and other benefits withdrawn if they are found to have acted unethically or committed human rights violations while operating abroad, a government-led committee on corporate social responsibility says.
The Right Honourable Paul Martin
Prime Minister of Canada
80 Wellington Street
RE: Canadian NGOs Call on Canada to Vote Against the US Nomination for Next World Bank President.
Dear Prime Minister,
We the undersigned organizations find Paul Wolfowitz to be an unsuitable candidate for the next president of the World Bank. We call on the Government of Canada to oppose the U.S. nomination and instruct the Executive Director, Marcel Mass', to vote against Mr. Wolfowitz's nomination.
Mr. John Mihevc
Halifax Initiative Coalition
104-153 Chapel Street
Ottawa, ON KIN 1H5
Dear Mr. Mihevc:
Thank you for your correspondence of March 17, 2005, in which you raised concerns about the U.S. nominee, Dr. Paul Wolfowitz, for the position of President of the World Bank. I appreciate your views.
On March 31, Canada joined the consensus of World Bank shareholders to select Dr. Wolfowitz as the tenth President of the World Bank. Prior to this decision, Canada and other member countries, through their Executive Directors, had discussions with Dr. Wolfowitz on issues related to the Bank's policies, programs and ongoing mission of poverty reduction.
The Honourable Ralph Goodale M.P., P.C.,
Minister of Finance
140 O'Connor Street
Via Fax: 995-5176
RE: Canadian NGOs Call for the Government of Canada to Oppose the Nomination of Paul Wolfowitz to the position of President of the World Bank
Dear Minister Goodale,
We are writing to express our strong concern with the nomination by the US government of Paul Wolfowitz to become the next President of the World Bank. We call on the Government of Canada to direct its Executive Director to the World Bank, Marcel Massé to strongly oppose the nomination and to vote against it.
Halifax Initiative's new paper, "Who's Minding the Store? Legislator Oversight of the Bretton Woods Institutions" examines to what extent national legislatures maintain democratic oversight of the World Bank and IMF. The survey reveals that legislators are inadequately aware, unevenly informed and largely not consulted on issues related to the institutions. The democratic link to bind citizens and institutional decision-makers is therefore fragile, at best.