In the strictest sense, financial intermediation means the process of taking in funds from depositors and then lending them out to borrowers.

The board of governors is the highest decision-making body of a regional development bank.

Although possessing an international legal personality is crucial for organizations to take part in international politics, the opposite is not necessarily true. Indeed, there are regular “summit” meetings or entities that do not hold a legal personality and yet are quite influential in international politics. The G-7/8 is indeed one of the most active and effective decision making and standard-setting global actor although it does not possess a legal personality. As can be understood from the information given, the correct answer is B.

Participatory status is a status for international NGOs that are represented at European level.

Under Article 70 of the UN Charter, the NGOs are recognized the following status: “The Economic and Social Council may make arrangements for representatives of the specialized agencies to participate, without vote, in its deliberations and in those of the commissions established by it, and for its representatives to participate in the deliberations of the specialized agencies.”

As the idea of regional economic organization is going through a re-organization, economic co-operation is transforming into economic co-production.

An NGO is “an independent voluntary association of people acting together on a continuous basis, for some common purpose, other than achieving government office, making money or illegal activities”. The definition suggests that people are offered a channel of participating in the processes of global governance particularly in areas where this is denied in a national or intergovernmental setting.

The legal personality and capacity, as acquired by an INGO in the Party in which it has its statutory office, shall be recognized as of right in the other Parties. And when they are required by essential public interest, restrictions, limitations or special procedures governing the exercise of the rights arising out of the legal capacity and provided for by the legislation of the Party where recognition takes place, shall be applicable to INGOs established in another Party.

The Inter American Defence College (IADC) is an international educational institution operating as an element of the OAS through the Inter-American Defense Board. It provides a professionally oriented, multidisciplinary, graduate-level course of study.

The UN, centerpiece of global governance, offers a limited legal status in form of accreditation for the INGOs. Some prerequisites for admission into this status, albeit not formally identified, might be underlined. In this respect, Peter Willetts (2001), an eminent scholar studying civil society actors, provides at least fifth principles in order for an INGO to qualify for the definition of the UN. First, an INGO needs to work in furtherance of the goals and objectives of the UN. Second, an INGO should allow fair representation by members, establish a headquarters, and employ officers. Third, an INGO should be a non-profit organization without engaging in business or corporate activities. Fourth, an INGO should declare it will not rely on any violent measure whatsoever to pursue its goals. Fifth, an INGO should not act in a way that could be interpreted as an interference with the internal affairs of states.

In developing countries, the main purpose of the pre-1980s financial policies, (especially in the 1960s and the 70s) was to boost industry and development by providing low-cost financing.

The Basel Accord was approved in 1998 by regulators from the G-10 countries.

Azerbaijan, Burundi, China, Cuba, Greece, Guinea, India, Iran, Israel, Mauritania, Nicaragua, Pakistan, Russian Federation, South Africa, Sudan, Turkey, United States of America, Uruguay and Venezuela.