House of Commons Issue No. 16 Minutes of Proceedings and Evidence of the Standing Committee on Foreign and International Trade
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From Bretton Woods to Halifax and Beyond:
Towards a 21st Summit for the 21st Century Challenge

[Document Contents]


1 Summit Communique, Naples, 9 July 1994, p. 1.

2 Delegates from 44 countries (including Canada and 11 other of the current OECD nations) attended the United Nations Monetary and Financial Conference, which took place at the invitation of U.S. President Franklin Roosevelt from 1-22 Jul

3 Dr. Orin Kirschner, Director of the Multilateral Democracy Project of the Institute for Agriculture and Trade Policy, presented the Committee with a large briefing binder containing numerous recent Bretton Woods reform proposals, includi

4 Our Global Neighbourhood: The Report of the Commission on Global Governance, Oxford University Press, New York, 1995. The Commission, co-chaired by Ingvar Carlsson of Sweden and Shridath Ramphal of Guyana, included Canadian Maurice Stron

5 Dave Evans, "Global myopia abets catastrophe", The Ottawa Citizen, 11 April 1995.

6 The evidence on compliance with Summit commitments needs to be interpreted carefully, however. For example, Canada and Britain have a significantly better record than the United States or France. As well, agreements in the area of trad

7 According to Culpeper's rough estimates, net private long-term capital flows amounted to some US$808 billion in 1993 - $190 billion of that to developing countries - compared to only $54 billion in total official flows (both bilateral an

8 179 countries subscribe to the IMF; 178 are members of the World Bank. The Fund has over 2,000 employees; the Bank approximately 11,000.

9 The 1992 "Wapenhans" report of the World Bank's Portfolio Management Task Force found that of projects reviewed, those judged unsatisfactory at completion had climbed from 15% in 1981 to 37.5% in 1991. On the challenges of reorientation

10 International Financial Institutions, Nineteenth Report of the House of Commons Standing Committee on Finance, Ottawa, June 1993, pp. 22 and 25.

11 See, for example, the articles by a former Canadian executive director and senior economist at the World Bank, Morris Miller, "The Call for a New, Improved Bretton Woods", Policy Options, March 1995, pp.10-16, and "Where is Globalizati

12 Major G-7 countries, especially Germany, continue to oppose as inflationary the large-scale increase in SDRs favoured by developing countries and Managing Director Michel Camdessus. Professor John Loxley of the University of Manitoba s

13 These are the Structural Adjustment Facility (SAF) established in 1986, the Enhanced Structural Adjustment Facility (ESAF) established in 1987, and the Compensatory and Contingency Financing Facility (CCFF) established in 1988. A suppo

14 These are the Inter-American Bank, established in 1959, the African Development Bank, established in 1964, the Asian Development Bank, established in 1966, the Caribbean Development Bank, established in 1970, and the European Bank for

15 Gerald Helleiner, noting that some of the Nordic countries are more generous, argued that Canada's interests are well-served by being among the strongest supporters of the multilateral agencies, and therefore we should not shrink back

16 This consists of capital subscriptions of over $12 billion to the non-concessional resources of the banks (mostly in the form of "callable" as opposed to paid-in capital), and nearly $7 billion to their concessional funds which must be

17 John Williamson, "Reform of the International Financial Institutions", paper presented to the conference "Canada and the 1995 G-7 Halifax Summit: Developing Canada's Positions", Ottawa, 3 April 1995, pp. 15-16.

18 According to The Economist: "More than other development banks, the EBRD is able to move with its clients." And at some point when a public financial institution is no longer needed, "it should be either shut down or privatised." ("Fli

19 Percy Mistry, Multilateral Development Banks: An Assessment of Their Financial Structures, Policies and Practices, The Hague, FONDAD, 1995, p. 201

20 Wendy Dobson, remarks to the conference on "Canada and the 1995 G-7 Halifax Summit: Developing Canada's Positions", Ottawa, 3 April 1995; remarks by Corrigan, Chairman, International Advisors, Goldman, Sachs & Co., to the Trilateral Co

21 Canada, Government Response to the Recommendations of the Special Joint Parliamentary Committee Reviewing Canadian Foreign Policy, Ottawa, 7 February 1995, p. 39.

22 George Graham, "Bank under siege awaits white knight", Financial Times of London, 14 March 1995.

23 High Stakes and Low Incomes, Chapter 4, pp.73-74.

24 "A Survey of the Global Economy", The Economist, 1 October 1994, p. 36.

25 George Melloan, "A Harder Look at the World's `Undeserving Poor ' ", The Wall Street Journal, 13 February 1995. The 1994 study was by Peter Boone of LSE's Centre for Economic Performance. The key point of the article is that in tacklin

26 See Doug Bandow and Ian Vasquez, Perpetuating Poverty: The World Bank, the IMF, and the Developing World, The Cato Institute, Washington DC, 1994. Exactly the same accusation against aid has long been made on the left (often for opposi

27 Matthew McHugh, counsellor to the office of the World Bank president, cited to us the results of a recent U.S. poll indicating that most Americans thought the U.S. was spending 18% of its federal budget on foreign aid, and not surprisi

28 Learning From the Past, Embracing the Future, The World Bank Group, Washington DC, 1994, Foreword by President Lewis T. Preston, pp. 6-7.

29 Culpeper and Clark, High Stakes and Low Incomes, Chapter 5 on "The Development Effectiveness of the MDBs"; and Culpeper cited in April Lindgren, "Canada to cut funding to banks", The Ottawa Citizen, 7 May 1995.

30 Development Assistance Committee, Development Co-operation 1994 Report, OECD, Paris, 1995, pp. 55-59.

31 See Issue No. 18, and Manfred Bienefeld, Structural Adjustment: Debt Collection Service or Development Policy?, Advanced Development Management Program, Institute of Comparative Culture, Sophia University, Tokyo, 1993. For a more posit

32Jeffrey Sachs, "Beyond Bretton Woods: A New Blueprint", The Economist, 1 October 1994, p. 24.

33 An astute and provocative analysis of some ingrained institutional and ideological obstacles to the Bank grasping poverty issues more effectively is contained in Susan George and Fabrizio Sabelli, Faith and Credit: The World Bank's Sec

34 See, for example, the program for immediate action outlined in Jo Marie Griesgraber, ed., Rethinking Bretton Woods: Towards, Equitable, Sustainable and Participatory Development, Conference Report and Recommendations, Washington DC, Th

35 Cf. Making Development Sustainable: The World Bank Group and the Environment; Ismail Serageldin and Andrew Steer, eds., Making Development Sustainable: From Concepts to Action; Assessing Development Effectiveness: Evaluation in the Wor

36 A prominent Canadian jurist Thomas Berger co-authored the unprecedented independent review report. The June 1993 Report on International Financial Institutions of the House Finance Committee includes some discussion of the controversy

37 The case for this is developed in David Gillies, Stretching the World Bank's Policy Frontiers, International Centre for Human Rights and Democratic Development, Montreal, 1992.

38 Sachs, ``Beyond Bretton Woods'', p. 27; ``Reforming the IMF: Why can't a country be like a firm?", The Economist, 22 April 1995, p. 79. Cf. also Zanny Minton-Beddoes, "Why the IMF Needs Reform", Foreign Affairs, May-June 1995, pp. 123-

39 Cf. Development Assistance Committee, 1994 Report, OECD, Paris, 1995, pp. 66-67. On the compelling case therefore for further action to help poor countries escape the "debt trap" see also The Economist, 6 May 1995,pp. 16-17 and 74-76.

40 Former Bank of Canada Governor John Crow argues that this trend has been highly beneficial to Canada, and is similarly so for the world economy. See Terence Corcoran, "Canada should defend floating currencies", Toronto Globe and Mail,

41 In this regard, the Maastricht Treaty requirements on member countries of the European Union in terms of the goal of monetary union can be seen as setting some supranational benchmarks for sound domestic monetary and fiscal policies as

42 Outline of Remarks by E. Gerald Corrigan, Chairman, International Advisors, Goldman, Sachs & Co., The Trilateral Commission, Copenhagen, 23 April 1995, p. 1.

43 Peter Cook, "Games, Gamesmanship and the G-7", Toronto Globe and Mail, 26 April 1995. According to an astute Canadian academic observer: "Canada, like most countries, has been reluctant to coordinate monetary policies explicitly with o

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