President Bush nominates Robert Zoellick for World Bank President.
To kick off the third annual meeting of the CGI, former U.S. President Bill Clinton shares three convictions needed to confront the world's most critical challenges: recognition of our common humanity, shared responsibility, and the knowledge that we all can make a difference. Archbishop Desmond Tutu, Afghanistan President Hamid Karzai, Philippines President Gloria Macapagal-Arroyo, Wal-Mart CEO Lee Scott, Jr., World Bank President Robert Zoellick, and former U.S. Vice President Al Gore stress the need for global action to overcome crises of conflict and oppression, poverty, and climate change.
Health, education, jobs, and a robust middle class are critical for Latin America to seize the opportunities presented by a globalized world. Watch Dominican Republic President Dr. Leonel Fernandez, Argentine Republic President Nestor Carlos Kirchner, Inter-American Development Bank President Luis Alberto Moreno, and Grupo Carso Chairman Carlos Slim Helu discuss tangible solutions to some of the region's most pressing challenges.
World Bank President Paul Wolfowitz announced in Kinshasa that he expects funding up to $1.4 billion. The goal is to accelerate the development process of the country and improve the quality of life for the Congolese people. Wolfowitz visited Kisangani before coming to Kinshasa and met with a wide range of people including ex-combatants-starting a new life of demobilization and reintegration-business leaders, and women activists. Wolfowitz said the World Bank's board had approved new procedures in order to be able to respond much more rapidly than in the past to countries in emergency situations. He said the first grant under these procedures would be one this month for US$180 million to build roads and provide water in Kinshasa, creating jobs in the process. This is part of what could be as much as US$380 million in grants to the DRC this year from the World Bank.
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Learn how to survive tough economic times with advice from former World Bank president James Wolfensohn.
*******www.gwm-tv**** - Brazil's Central bank president Henrique Meirelles has said that the country's economy will be protected as steps taken to stop the dollar weakening further look unlikely.
Brazilian policy makers will 'take the necessary steps' to prevent bubbles from forming as monetary policies carried out by nations including the US cause 'excessive' inflows to emerging economies.
Meirelles highlighted the need for the Real to be protected from imbalances as the global currency war rages on.
BY MIKKEL NOEL LANZKY
The European Union won’t demand further recapitalization of the region’s banks for fear of causing a new recession. That’s the message from an EU banking committee this week.
European Central Bank President Jean-Claude Trichet says he sees no need to further recapitalize because the measures already in place are having the expected effect.
Jean-Claude Trichet: “The securities markets’ program strictly aims at correcting malfunctioning of markets. The prohibition of monetary financing underlines precisely the fact that budgetary discipline is of the utmost importance." (EUX.TV)
This position is in stark contrast to one held by the head of the International Monetary Fund -- Christine Lagarde. Speaking at the US Federal Reserve’s annual forum in Jackson Hole, Wyoming this past weekend, Lagarde warned of renewed recession. The Telegraph notes her concerns:
"Developments this summer have indicated we are in a dangerous new phase. The stakes are clear. We risk seeing the fragile recovery derailed. So we must act now."
The Globe and Mail says -- that’s a nice way of saying -- the stuff’s about to hit the fan, translating Lagarde’s words this way....
“... the European banks can’t be held together with Crazy Glue and paper clips much longer and that if they aren’t fixed soon, we’re heading for another whopper of a financial and economic crisis.”
But in a talking with the San Fransisco Chronicle, European Economic Commissioner Olli Rehn supports the ECB President, saying of the current recapitalization process:
"EU banks are significantly better capitalized now than they were one year ago. As the necessary recapitalization of EU banks proceeds, we expect their funding conditions to improve."
CNBC senior editor John Carney says the EU -- or individual European governments -- could be considering a regular bailout of European banks.
“So perhaps the European financial authorities are abandoning the backdoor in favor of the front door: bailing out the banks directly. This could save European banks while letting the weaker countries default, which would hurt the non-bailed out holders of the defaulted debt...”
And The Telegraph’s Andrew Lilico says -- instead of banks recapitalizing and further constricting -- the weak should just be allowed to fail. So that the whole of Europe can get stronger.
“Banks do not need increased capital requirements. Instead, they need proper resolution mechanisms, whereby they can be allowed to go bust, safely, with losses for lenders instead of taxpayers and the wider macroeconomy.”
Transcript by Newsy.