It is astonishing that every week we see action being taken in various part of the world against the financial sector, without any noticeable reaction of public opinion.
The victory of the Conservative Party and the debacle of the Labour Party in the recent British general elections is yet another sign of the crisis facing left-wing forces today, leaving aside the question of how, under the British electoral system, the Labour Party actually increased the number of votes it won but saw a reduction in the number of seats it now holds in Parliament (24 seats less than the previous 256).
In the run-up to the international Conference on Financing for Development from Jul. 13 to 16 in Addis Ababa, Ethiopia, the European Union has called for a “true paradigm shift” in global development cooperation.
Up to 80 percent of global trade is supported by some form of financing or credit insurance. Yet in many countries there is a lack of capacity in the financial sector to support trade, and also a lack of access to the international financial system. Therefore the ability of these countries to use simple instruments such as letters of credit is limited.
The world is clearly splitting into two parallel worlds, with each going their own way, in what we could call the ‘Acapulco paradox’.
At last, on Tuesday Feb. 24, the Eurogroup (of eurozone finance ministers) approved the Greek government’s commitment to a programme of reforms in return for extending the country’s bailout deal.
Every day we receive striking data on major issues which should create tumult and action, but life goes on as if those data had nothing to do with people’s lives.
As the international community wades into the political discussions regarding the alternatives to the Millennium Development Goals (MDGs) after 2015 and the design of the Sustainable Development Goals (SDGs) as mandated by the Rio+20 conference, it is timely to consider the question of whether development is a matter mostly of individual effort on the part of nation-states or whether there are elements in the international economic system that could serve as significant obstacles to national development efforts.
More than six years after the global financial crisis broke out, European Union (EU) countries continue to protect banks and investments funds from tougher rules, despite abundant evidence of recurrent criminal or reckless activities in the sector, and new accumulation of enormous financial risks.
It is a great pity that, beside opening the doors to ethics, social justice and peace, Pope Francis does not also give indications of updating traditional theology. The most urgent task is to update the Seven Deadly Sins.
As our climate destabilises, floods inundate cities, wildfires burn forests, droughts kill our crops and manmade radioactive isotopes leach into our soil and water, many accountants and policy analysts are waking up. They are joined by NGOs, civic leaders, whistle-blowers and a few public-minded politicians.
The International Monetary Fund (IMF)’s internal auditor has criticised the Fund’s recent policy on foreign currency reserves, and has offered an implicit warning that the United States’ outsized influence within the institution has resulted in policy that was insufficiently evidence-based.
Carolina Poalo strikes the dry earth over and over with her hoe, her frail body bent almost double. She is determined to begin planting. During the long, dry season in Mozambique, she and her two young grandchildren have eaten little but cassava leaves.
When her name is called, Rékia Djibo leaves the group of women gathered in front of the school in Toula, and takes a confident step towards the door. Djibo is one of the recipients of a cash transfer from the World Food Programme here on the outskirts of the southwestern Niger city of Tillabéri.
Laboni Vhoumik’s lingerie manufacturing unit in the Gopai village of Noakhali district, about 180 km outside the capital, is a forceful argument in favour of the Grameen Bank microcredit model that fosters female entrepreneurship and also relies on it.