Our Work |
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Why is BWC's Work Important?
The need to increase international economic cooperation has never been greater and the stakes are high for the entire global community. In the United States, there remains a deep-seated ambivalence toward multilateral engagement. To the world’s most powerful nation, a unilateral approach can sometimes look appealing. A considerable gap also remains in the American public’s understanding of multilateral institutions and issues. This gap must be bridged if Congress is to meet the international commitments of the United States.
In other parts of the world, international financial institutions are often taken for granted. Wealthy nations find it easy to make generous commitments for new assistance, but then fail to follow through with the promised level of funding. Furthermore, borrowing countries who are the intended beneficiaries of most programs at the World Bank and IMF have special responsibilities.
In particular, they must avoid protectionist policies in the face of domestic economic pressures.
Closing borders to export or import invariably worsens problems at home and for their global partners. Governments must also resist making unrealistic demands in multilateral negotiations and relying solely on populist sentiments to block international agreements that may prove beneficial.
Even while the process of globalization brings growth and prosperity to most corners of the world, some individuals, groups and nations are being left behind. For decades, the World Bank and its sister institutions have successfully fought to promote growth and prosperity for the least fortunate.
These multilateral institutions have the best of intentions and are staffed by some of the most talented and committed people in the world. However, like all large institutions, multilateral institutions are in constant need of assessment and reform. Outside and objective voices become particularly important to ensuring their positive evolution.
The Bretton Woods Committee recognizes these important issues and works to ensure U.S., international and multilateral support, engagement and evolution.
