Update on Banco del Sur: Reflection of Declining IFI Relevance in Latin America

The announcements of the inauguration of the first Latin American office of the planned Bank of the South and the adhesion of three new member countries have come as a direct challenge to the Northern based IFIs struggling to remain relevant to the region.  The advances of Banco del Sur, closely aligned with discussions on regional energy policy and the larger project of building a Union of South American Nations, has also tested the South America rhetoric of integration proclaimed most recently at the Cochabamba Summit last December, 2007.  This note provides a brief update and analysis of these recent announcements about Banco del Sur, focusing on the implications for the ongoing crises of relevance in Latin America confronting the IMF, World Bank and IDB, as well as the challenges for deeper South American integration.

For the complete version see the document below:

Banco del Sur 01 May 2007 [doc, 68 KB]