Perhaps as a reflection that the World Bank had maintained more relevance over the past decade than the IMF, the G20 did not expand its role as significantly. There were, however, changes made to the World Bank. The first step was to lessen the influence of the United States on the institution, which had been dominated by the Americans since its inception. More power was given to emerging economies such as China with respect to how the World Bank is governed. The Bank was given $250 billion to help provide trade finance and additional development funding (Miller & Kennedy, 2009).

Of interesting note is the potential for dramatic shift in the role of the World Bank. Traditionally run by Americans along American fundamental principles, the latest developments are pushing the World Bank to become a more globally-minded entity. The increasing power handed to the world's emerging economies signals a fundamental...
[ View Full Essay]