New direction for world economy

To meet advances in world interconnectivity, World Bank Group President Robert B. Zoelick said that multilateralism must be updated for the 21st century.

“Our’s must be a globalization where both the opportunities and the responsibilities are more widely shared…multilateralism, at its best, is a means for solving problems among countries, with the group at the table willing and able to take constructive action together.”

Zoelick outlined requirements for the new multilateralism, explaining that it must have a shared goal of improving global political economy and should mimic the flexible nature of national economies.

According to Zoelick, a new, more cooperative, steering committee made up of finance ministers should be introduced to replace the current G7 finance ministers. Zoelick said that this steering group will be designed to adjust with international changes.

Climate change will also be a concern for the new multilateral network, with the proposed goal of reaching a “global bargain” among energy producers and consumers.

“At a minimum, such a bargain should involve sharing plans for expanding supplies, including options other than oil and gas; improving efficiency and lessening demand; assisting energy for the poor; and considering how these policies relate to carbon production and climate change policies,” said Zoelick.