Europe Archive

Multilateral development banks (MDBs) have long played an important role in international development finance. Subregional development banks (SRDBs) have had a more limited function, until the emergence of a few dynamic institutions in recent years. This paper explores the origins of MDBs and SRDBs; considers key issues and trends in their purpose, governance and financing; and explores challenges and opportunities that MDBs and SRDBs face in a changing global development environment. Origins of Multilateral and Subregional Development Banks The current international monetary and development architecture has a long history, going back to the establishment of the International Monetary Fund and […]

The financial industry is commonly described as one of the most influential in politics. The numbers certainly support this impression. In terms of lobbying expenditures in the United States, the banking sector outspent even the health care sector. Few industries have comparable resources available and have been able to establish such a strong institutional presence. In many countries, top bankers and high-ranking public officials meet frequently; revolving doors between the two worlds are common; and the technical complexity of financial regulation makes consultation with the industry at all levels of decision-making a necessity. Accordingly, commentators in the media and academia […]