The "emerging markets" have become shrouded behind a huge question mark. As corporate earnings season underscores, Morgan Stanley expects recent good performance to turn south, noting that emerging markets have made little "improvement in fundamentals."
We know that the end of the era of impunity for corrupt leaders may not come today, tomorrow or the next day, but collaborative endeavors reflect the international community's will to curb economic abuse and support critical national-led efforts to promote good governance and fight corruption.
Last Friday was Robert B. Zoellick's last day as president of the World Bank Group. While he may leave many legacies behind, perhaps one that stands out is embodied in his commencement address for RAND Graduate School: "Getting Stuff Done."
While future commentaries will chronicle Robert B. Zoellick's acts and deeds, it is worth pausing, this weekend, as he completes his last major world forum as president, to recall the initiative he launched at his first major world forum.
The second wave of global economic crisis is going to start hitting poor countries very hard, very soon. The World Bank needs to be fit for purpose and geared to respond with credible, legitimate leadership in place.
The next president of the World Bank ought to be selected carefully and in an open and transparent manner. It is January now and the next president should be selected before June 30 when Robert Zoellick's term ends.
During the past two years of the financial crisis, the World Bank has been a global player. The challenge now is to connect global and country actions, harness innovation across a broad front, and promote a development path that is more sustainable.