Facing a world of much economic and social disparity, the World Bank, a multi-lateral financial organization tied to the United Nations and established in 1945, plays a crucial role in eradicating poverty and developing the economy. Composed of five closely associated groups, the IBRD, the IDA, the IFC, the MIGA, and the ICSID, the World Bank has made much progress, aiding countries during times of humanitarian emergencies, natural disasters, reconstruction, building schools and health centers, protecting the environment, and fighting disease. Through a Board of Governors, consisting of one governor for each of the 184 member countries, the governors meet once a year at the Bank's Annual Meetings to review basic policies and operations.
Globalization and a desire to integrate with the rest of the world was a driving factor in Spain's impressive economic status. Spanish banks play a prominent role in Latin America, with these banks now controlling nearly 20% of Latin America's banking sector and Spain's foreign direct investment shot up in the last decade from less than 1% of GDP to nearly 10%.
Spain has gone from being a net importer investment to being a net export, now the sixth largest investor in the world.
Spain has maintained a balanced budget and continues to introduce further structural reforms in the labor market and in the fields of education. But due to slow growth and uncertainties in the global economy, the continuation of social and political conflict in several countries, and contagion, economic and financial conditions have declined. Spain and other Latin American regions need to adopt responsible macroeconomic policies that would bring about good governance and social opportunities, a way to maintain a decent legal framework, and to continue the path to sustained growth.
Spain's position in response to poverty reduction is one of...