• by Alicia Bárcena
• Thursday, April 12, 2012
• Inter Press Service

The nomination of José Antonio Ocampo for the Presidency of the World Bank is a source of pride and hope for all those working for economic and social development, particularly in Latin America and the Caribbean, writes Alicia Bárcena is the executive secretary of the Economic Commission for Latin America and the Caribbean (ECLAC).

The Colombian economist served as Minister of Finance, Agriculture and Planning. When he was later appointed Under-Secretary-General of the United Nations for Economic and Social Affairs, he became a fundamental proponent of smart agreements between international economic actors. Ocampo is one of the few experts who knows and understands the urgent need for redesigning the global financial architecture that emerged 68 years ago in Bretton Woods.

The nomination of José Antonio Ocampo is full of substantial symbolism and is representative of the undeniable fact that in the 21st century the world must recognise and listen to the voice of developing countries ­the combined GPD of which will represent more than half of global GDP in the near future. Herein rests the hope: this explicit intention of achieving a new governance of international financial institutions, especially the World Bank.

* Alicia Bárcena is the executive secretary of the Economic Commission for Latin America and the Caribbean (ECLAC).

© Inter Press Service (2012) — All Rights Reserved. Original source: Inter Press Service

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