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Enhancing Critical Linkages to Achieve Good Financial Governance

Enhancing Critical Linkages to Achieve Good Financial Governance . Silvina G. Vatnick The World Bank . International Conference on Financing for Development Tuesday, March 15, 2005 Hong Kong. What is Financial Governance?. Financial Governance is the way in which authority

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Enhancing Critical Linkages to Achieve Good Financial Governance

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  1. Enhancing Critical Linkages to Achieve Good Financial Governance Silvina G. Vatnick The World Bank International Conference on Financing for Development Tuesday, March 15, 2005 Hong Kong

  2. What is Financial Governance? Financial Governance is the way in which authority is exercised in the management of financial resources of an organization, a financial system or government.

  3. Challenges Government • Awareness and Demand • Incentives/Disincentives • Legal/Regulatory Infrastructure • Implementation Framework Donors Civil Society Private Sector

  4. How to obtain stronger and sustainable financial governance as an institution? The Critical Role of Civil Society Organizations MDAs Government Civil Society Organizations Private Sector Other Strategic Partners

  5. Civil Society Organizations • Nonpartisan • Independent • Non-advocacy • Bottom-up approach • Local/regional • Promote best practices

  6. An example: CEF Argentina Structure: The CEF is legally organized as a foundation and, as such, it is a nonprofit entity. The CEF has a pluralistic administrative structure that is not affiliated with any political party. Mission: contribute to the analysis, debate and subsequent formulation of public policies related to financial sector issues. At first, the focus will be on Argentina, but over time, the CEF plans to address financial issues at the regional level Goals: On a foundation of solid technical grounds, the CEF aims to assist the public and private sectors in the following fields: • deepening of financial intermediation. • strengthening of institutions and their links with the world. • adopting best international practices in the context of the domestic environment. • promoting more effective financial sector regulation and supervision. • modernizing legislation in this sector. • improving the standards of transparency. • encouraging financial innovation.

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