http://news.bbc.co.uk/2/hi/business/6701865.stm
Continuing about new presidents. President George W Bush has nominated Robert Zoellick, former deputy secretary of state, to be president of the World Bank.
I am not sure all of us know a lot about this organization. I myself learned a lot about it writing that entry. Here is a short description from Yahoo encyclopedia:
"International Bank for Reconstruction and Development - (IBRD), specialized agency of the United Nations, with headquarters at Washington, D.C.; also called the World Bank. It was formally organized in 1945, when 28 countries ratified the agreement; there are now 183 members. The bank not only makes loans to member nations, but, under government guarantee, to private investors, for the purpose of facilitating productive investment, encouraging foreign trade, and discharging burdens of international debt. The bank is self-sustaining and has maintained a profit on its lending activities. It is controlled by a board of governors, one from each member state.
The bank also operates the Economic Development Institute, which offers training in economic development for officials of member countries. Closely affiliated with the bank is the International Finance Corporation (est. 1956), which invests in private enterprises without government guarantee. The bank organized the International Development Association (1960) to extend credit on easier terms, mainly to developing countries. The group of institutions is known as the World Bank Group. Criticism that the IBRD-financed projects were environmentally destructive led the bank to establish an environmental fund (1990) providing low-interest loans for developing countries. Developing nations have complained that the IBRD imposes the free-market system on them, thereby discouraging planning, nationalization, and public investment."
Mr Zoellick would replace Paul Wolfowitz, who steps down on 30 June, because of a scandal in which he was involved. Wolfowitz was accused of a conflict of interest over a pay rise given to ex-bank employee. It wasn't the smartest to give a extremely hight rise only to one person with whom you have personal relations..
The new president was nominated traditionaly by the US side. Europeans nominate people for other offices.
Wednesday, May 30, 2007
Sunday, May 6, 2007
Fear of socialists?...
This is not so much a microecon article, but I thought its important enough. It is better than latest news about Paris sentenced 45 days in jail :)
http://www.forbes.com/feeds/ap/2007/05/04/ap3688594.html
Latest news from Europe! Nicolas Syrakozy won the French presidential election. I have noticed that American media are not paying much attention to what’s happening outside the US or Iraq. However, in nowadays globalized world, global news are important for almost every country. Apparently, US media want to keep international affairs away from American society. Or maybe the US news are so much important? I don’t know. Would you agree with my observation?
Back to the article. French voters had two presidential choices before Jacques Chirac will leave the office. First one- nationalist and socialist- Segolene Royal- who was the first woman so close to the French presidency. Second one, Nicolas Syrakozy, the president- elect, who is more conservative and will continue the policies of his predecessor. The voters turnout was an amazing 85%! This number alone shows how crucial the election was. The French weren't just picking a new president- they were deciding about the future direction of their country.
It is good news for the US business, because of America’s huge investments in France and Syrakozy's free market economical views.
“(…) despite recent political friction between the two countries over the war in Iraq and other issues, the French and U.S. economies remain deeply intertwined. Between 2000 and 2006, U.S. companies put $22.3 billion to work in France, while investing $15 billion in China and $5 billion in India, according to Quinlan's research.”
It is also good news for European Union. The result of the election shows a slow down in recently escalating nationalist attitudes in EU. Europe has too long nationalistic history to unite over a course of 15 years. (’92- the Treaty on European Union). The fast pace of integrating creates a variety of problems (such as struggle to ratify European Constitution). Fortunately enough, in the example of France, Europe is understanding the need to cooperate with others rather than isolate.
http://www.forbes.com/feeds/ap/2007/05/04/ap3688594.html
Latest news from Europe! Nicolas Syrakozy won the French presidential election. I have noticed that American media are not paying much attention to what’s happening outside the US or Iraq. However, in nowadays globalized world, global news are important for almost every country. Apparently, US media want to keep international affairs away from American society. Or maybe the US news are so much important? I don’t know. Would you agree with my observation?
Back to the article. French voters had two presidential choices before Jacques Chirac will leave the office. First one- nationalist and socialist- Segolene Royal- who was the first woman so close to the French presidency. Second one, Nicolas Syrakozy, the president- elect, who is more conservative and will continue the policies of his predecessor. The voters turnout was an amazing 85%! This number alone shows how crucial the election was. The French weren't just picking a new president- they were deciding about the future direction of their country.
It is good news for the US business, because of America’s huge investments in France and Syrakozy's free market economical views.
“(…) despite recent political friction between the two countries over the war in Iraq and other issues, the French and U.S. economies remain deeply intertwined. Between 2000 and 2006, U.S. companies put $22.3 billion to work in France, while investing $15 billion in China and $5 billion in India, according to Quinlan's research.”
It is also good news for European Union. The result of the election shows a slow down in recently escalating nationalist attitudes in EU. Europe has too long nationalistic history to unite over a course of 15 years. (’92- the Treaty on European Union). The fast pace of integrating creates a variety of problems (such as struggle to ratify European Constitution). Fortunately enough, in the example of France, Europe is understanding the need to cooperate with others rather than isolate.
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