World Bank President Robert Zoellick writes in a commentary, published Sunday, that “Historians have divided western history into epochs that represent the cultural, economic and political values of the time”.
“Thus we have the Dark Ages, the Renaissance, the Reformation and the Age of Reason. How will the first half of the 21st century be defined?
It could and should be the Age of Responsibility”.
Zoellick continues:
What might an Age of Responsibility look like? First, it would be an era of responsible globalization, where inclusivity and sustainability take precedence over the enrichment of a few.
Second, it should be an era of responsible stewardship of the global environment. A climate change agreement at Copenhagen in December that cuts carbon emissions by using new technologies could pave the way.
Third, it would be an era of financial responsibility, both at the personal and systemic levels.
Fourth, it would be an era of responsible multilateralism where countries and institutions seek practical solutions to interdependent problems. …
Fifth, it would be an age of responsible stakeholders where participation in the international economy brings responsibilities as well as benefits. …
As a first step, developed countries should agree to devote 0,7 per cent of their stimulus packages to a vulnerability fund to support the most needy in developing countries.
The World Bank could manage the distribution of the cash with the UN and the regional development banks. We could use existing mechanisms to deliver the funds fast and flexibly, backed by monitoring and safeguards so the money is well spent.
Poor countries need three interventions: safety net programs to help cushion the impact of the downturn on the poor; investment in infrastructure to build a foundation for productivity and growth while putting people to work; and finance for small and medium-sized enterprises to create jobs.
Donors could customize contributions to the vulnerability fund to match their interests.
This plan is achievable. The UN target for aid is 0,7 percent of an economy. A target of providing 0.7 percent of each developed countrys stimulus package represents only a tiny fraction of the hundreds of billions devoted to bank bail-outs.
Yet it could make a significant difference to the hundreds of millions who are victims of a crisis not of their making.
Most important, it would signal a commitment that the world is choosing to define, rather than be defined by, the crisis.
Kommentaren stod i britiske “Financial Times” søndag den 25. september 2009
Kilde: www.worldbank.org
