“Corruption was a taboo word in 1996. My advisors were worried about using the c-word in my speech.”
Nearly 20 years have passed since the former World Bank President, James Wolfensohn, gave his groundbreaking speech on the “cancer of corruption” at the World Bank’s 1996 Annual Meetings. And the anti-corruption movement has come a long way.
At the World Bank’s discussion Speak Up Against Corruption, which featured Wolfensohn; Dr. Jim Kim, World Bank Group President; Paul Volcker, Former Chairman of the Federal Reserve; Cesar Purisima, Secretary Finance of the Philippines; and Haguette Labelle, Chair of Transparency International, the panelists reflected on how much work there remains to fight corruption at the international and local levels.
Volcker emphasized how imperative it is for both developed and developing nations to focus on this evasive problem. “Corruption is not just about losing money in transactions…it’s also about destructing the rule of law of a society.”
Citing examples like the Open Government Partnership, which is a multilateral initiative in which over 60 countries have voluntarily committed to becoming more transparent governments, the panelists agreed that the global anti-corruption movement is moving in the right direction. Read More...