The day after

The aftermath of the crisis that continues to affect the credibility of the World Bank is not just the result of the change in leadership after its president announced his resignation. In fact, the ''day after'' is not business as usual at the World Bank. The crisis -- as the board of directors has suggested -- is in part the result of governance structures in need of review and which, in the opinion of many, do not properly reflect the political situation of the 21st century.

The World Bank is not beyond the reach of globalization, a phenomenon that affects us all. We are well aware that while globalization opens many doors, it also raises questions about structures that do not quickly adapt to the new circumstances.

Trying to find a way out of this crisis with a bureaucratic response would be like pretending that nothing has happened. The World Bank encourages dialogue but, in order to have a dialogue, everyone must be prepared to listen, including us. And as we listen to those who question us, we must remain self-critical, analyzing our strengths and weaknesses. We have to look toward the future and ensure that decisions are made based on meaningful consultations and broad legitimacy.

Fighting poverty

Similarly, we must be able to rely on systems that are not only accountable and effective, but exemplary. The World Bank's noble mission of poverty alleviation is handicapped if it lacks the means and mechanisms suited to confront the challenges of today. Our institutional governance is largely based on systems from a foregone time. As a result, there are inherent weaknesses that prevent the institution from developing all its potential in delivering on its mission of fighting poverty.

It is true that the bank has modernized its modus operandi. It is now closer to its country partners, consulting and engaging with them in dialogue when designing and implementing country strategies. It is less bureaucratic than in the past, open to new ideas, and it is increasingly results oriented. One example of this latter change is that, since the 1990s, the bank has supported several cash-transfer programs in the Latin America and the Caribbean region accompanied by documented impacts on poverty reduction. Additionally, the World Bank is constantly helping to create innovative ways to address global issues, from climate change to the fight against HIV/AIDS.

Leadership crisis

Helping to build institutional capacity, promoting good governance and supporting anticorruption practices remain high on the agenda. These have been priority issues for more than a decade -- raised by our regional partners as they seek to build stronger and more-efficient democratic systems.

Because decisions made without prior consultation and actions without the necessary level of legitimacy are doomed to fail, we have promoted a debate around these issues with the participation of various government and nongovernmental stakeholders. They have reaffirmed the centrality of good governance as a key component of any medium and long-term development strategy.

It is true that good governance begins at home. That is why we need to put our house in order to address our institutional issues. The leadership crisis we have just been through and its outcome is evidence of our deep commitment to transparency and accountability in everything we do.

Moving forward, there are lessons to be learned. Development institutions of the 21st century, such as ours, must be responsive to the demands of country partners; focus on issues central to citizens' concerns; be technically solid; work with multiple partners; and swiftly implement their commitments. That is where we are headed.

In the spotlight

We are certain of the path we must follow: We are willing and determined to regain the trust of our partners and counterparts, not only with words but with actions and our deeds.

Those of us who are truly committed to the goals of this organization will make sure that the World Bank comes out of this crisis a stronger and more efficient institution so that countries in Latin America can rely on our support to fight poverty and inequality and ensure a better quality of life for everyone.

Today, in the spotlight and under international scrutiny, we are convinced that this is the right time to adopt a new approach to help countries implement policies that include all stakeholders with a role in development strategies: governments, civil society, the private sector, lawmakers, the media, and partners from the international development community.

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