James D. Wolfensohn, President of the World Bank Group, discussed the global financial architecture and developing countries. A stablefinancial architecture cannot be achieved without the proper structural,institutional, social and human foundations needed to make a modernmarket economy work. He identified the elements that should guide the choices of national governments, and the work that international institutions can do to assist them, and partnerships and co-operation between institutions. These include, first, good governance, strong public institutions, and a system that fights corruption; second, strong legal and a justice system able to guarantee the execution of those laws; and third, a well-regulated financial superstructure. Our social agenda should begin with those elements at the very heart ofensuring an opportunity at all levels of society: a good health systemand an education system available to boys and girls equally. The environment is a crucial element in our foundation. We must resist a one-size-fits-all approach. At the Bank we work toward a comprehensive development framework agreed with each partner country.
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